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Saturday, April 20, 2024    		 
Household Math™: Cash Advance Savings
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.

Scott, I have a credit card offer to write a check in any amount at 1.99% APR (forever) with a onetime 3% fee on the check. I would like to use this offer to pay off another credit card with a balance of $3,400.00 on which I am now paying 11.24% interest.

I’m currently paying $100.00 per month toward this debt. After adding the 3% fee, how much will I save by doing this? I would appreciate any help or insight to my question. Thank you. Sandra
$404.00
$504.00
$604.00
$704.00
I don't know!



 

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