Your round-the-world vacation ran over budget. But you’re in luck. You just received an offer to...

Your round-the-world vacation ran over budget. But you’re in luck. You just

received an offer to transfer your $15,000 balance from your current credit card,

which charges an annual rate of 24 percent, to a new credit card charging 18

percent. How much faster could you pay off the loan by making your planned

monthly payments of $500 with the new card? Note: assume monthly

compounding.

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Expert Solution

jeff jeffy answered 2 years ago

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