During your university career you were a frivolous spender and have racked up some credit card debt.

You have the following balances owing:

RBC Rewards $5,128. Minimum payment of $55/ month. 18% APR

BMO Visa $4,685. Minimum payment of $75 / month. 21% APR

TD Visa $4,399. Minimum payment of $100 / month. 15% APR

All credit cards compound interest daily.

After taking ADMS3541 you decide to take control of your finances and create a plan to repay all debts. You have determined that you can afford to allocate $500 a month towards all debt.

Show your plan to repay all three cards in the shortest amount of time possible, at the lowest cost. Show all calculations, including the total amount paid, total interest, and total time to repay.