Problem 6.69 – Benefits of a Balance Transfer for Faster Debt Repayment

Fundamentals of Corporate Finance

Ross, Westerfield, and Jordan

13th Edition

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Determine how much faster you could pay off a credit card balance by transferring it from a current card with a higher annual interest rate to a new card with a lower interest rate, given planned monthly payments. Also, consider the impact of a balance transfer fee charged as a percentage of the transferred amount on the repayment timeline.

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