E CRUSH THAT DEBT!!! 1. Let's see how easy it is to start getting out of debt by using our Debt Crusher located here. First, we'll use Jack as an example using the information below. Then you'll do it for yourself. 1st Debt: Credit Card with a balance of $500 at an interest rate of 22% and just paying the minimum payment. 2nd Debt: Student Loan with a balance of $8,000 at an interest rate of 8% and just paying the minimum payment 3rd Debt: Car Loan with a Balance of $14,000 at an Interest Rate of 5%, a Term of 36 months and a Start Date of Today, and just paying the monthly payment. WHAT IS THE TOTAL DEBT WHAT IS THE TOTAL INTEREST PAYABLE HOW MANY TOTAL MONTHLY PAYMENTS WHAT IS THE DEBT FREE DATE $. $ $ Using JUST minimum payments, when Jack is done paying his $19,500 in total debt, he will have given away an extra $. If Jack pays an additional $125 per month on his credit card, he will: Have it paid off in: months. Saved S in interest. If Jack pays an additional $300 per month on his student loan, he will: Have it paid off in: months. Saved $ in interest. Jack pays an additional $200 per month on his car loan, he will: Have it paid off in: months. Saved S HOW MUCH MONEY SAVED IN INTEREST in interest. S HOW MUCH TIME SAVED 2. Now go back to the Debt Crusher and find out how to crush your debt. You do not need to submit this information to your instructor. 90 2021, fched Acid rights reserved