Question
Goal: to create a payoff schedule for credit cards or debts (loans) You will use the information from all your credit cards. If you do
Goal: to create a payoff schedule for credit cards or debts (loans) You will use the information from all your credit cards. If you do not have credit cards, go online and find the information of at least 3 major credit cards (Visa, Mastercard, American Express, Discover, CITI, Capital One, Chase, Barclay, etc) Make sure you select cards with different APR's (we need the APR info)
Determine the interest rate (%) of each of your credit cards. This is also called the APR
Determine the compounding frequency of each card
Rank credit cards with the higher % being #1
Determine the minimum payment of each card (or any loan you have), add them up, this is your totalmonthly credit card payment (TMCC)
Determinethe percent of your budget that goes to pay previous total
Determine any extra amount (and % of the budget) that you canuse to pay the TMCC
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started