Your Christmas ski vacation was great, but it unfortunately ran a bit over budget. All is not lost: You just received an offer in the mail to transfer your $13,400 balance from your current credit card, which charges an annual rate of 21.2 percent, to a new credit card charging a rate of 11.8 percent.

How much faster could you pay the loan off by making your planned monthly payments of $295 with the new card?

What if there was a 1 percent fee charged on any balances transferred?