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Friday, April 19, 2024    		 
Household Math™: True Rate of Transfer Offer
by Scott Bilker
Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.
 
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Test your knowledge by trying to solve this DebtSmart, Household Math™ problem! After you complete the problem, you’ll get the solution and explanation.
 
1. You’re offered a balance transfer from one of your current credit lines. The offer is for 4.99% fixed with a one-time 4% transfer fee. You transfer $5,000 and pay $100 per month until the loan is repaid. What is the true APR for this loan when you include all interest rate charges and fees?
5.0%
5.3%
6.7%
8.3%
I don't know!



 

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