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Business, 02.10.2021 15:20 Shavaila18

Your bank offers you an “interest free” loan if you transfer your credit card debt to them. The terms of the loan are: 1. You must pay the loan in full within 12 months of the date of transfer, and 2. You will be charged a transfer fee of 3% of the amount transferred (with a minimum transfer fee of $50). If you transfer $1,000 of credit card debt to the bank what is the effective rate of interest you will pay?

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