Question about BT - please help if good with math/compounding interest

[Anonymous]

Can somebody help me with the math here...

I currently have $1500 at 7.9% interest.

I can BT it to 5.9% interest, but pay a 3% fee.

How long would it take to "break even" by doing that BT?

[unknown_entity]

I would not BT 7.9% to 5.9%.  You will loose out.  You go from 7.9% to 8.9% with the 3% fee.  IMO not a good idea. 

[Anonymous]

Based on 2 years-

You would never break even-

$97 in interest to $127

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ace9848 wrote:

Can somebody help me with the math here...

I currently have $1500 at 7.9% interest.

I can BT it to 5.9% interest, but pay a 3% fee.

How long would it take to "break even" by doing that BT?

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