Question
Debt Interest Rate Current Balance Minimum Payment MasterCard 19.9% $600 $22 Visa 23.95% $2,545 $60 Car 4.8% $16,800 $465 Student Loan 6.8% $18,400 $220 Electronics
| Debt | Interest Rate | Current Balance | Minimum Payment |
|---|---|---|---|
| MasterCard | 19.9% | $600 | $22 |
| Visa | 23.95% | $2,545 | $60 |
| Car | 4.8% | $16,800 | $465 |
| Student Loan | 6.8% | $18,400 | $220 |
| Electronics Store | 22.65% | $1,015 | $29 |
| Loan from Dad | 0% | $3,000 | $20 |
| Knee Surgery | 6.2% | $5,000 | $100 |
The above are debts you owe, the annual interest rate for those debts and the monthly payment. If you pay a total of $1,200 each month on all your debt, how many months will it take you to get out of debt using a snowball method?
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Financial Accounting For MBAs
Authors: Peter Easton, Robert Halsey, Mary Lea McAnally, John Wild
8th Edition
1618533584, 9781618533586
