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 $12,000 balance from your current credit card, which charges an annual rate of 19.8 percent, to a new credit card charging a rate of 10.4 percent.

How much faster could you pay the loan off by making your planned monthly payments of $225 with the new card?

What if there was a 2 percent fee charged on any balances transferred?