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Old MathJax webview Assuming you have $1,500 in your budget this month with which to pay down your credit cards, how much should you pay
Old MathJax webview
Assuming you have $1,500 in your budget this month with which to pay down your credit cards, how much should you pay on each card? (Note: The following data table is independent from the previous question.) If your answer is zero enter "0". Outstanding Required minimum Recommended debt repayment Card Interest rate balance payment (%) payment ($) amount Department store card 28% $600 10% $ Discover Card 12% 2,000 8% VISA Card 13% 3,000 10% MasterCard 1 14% 4,000 8% MasterCard 2 14% 0 10% Gasoline card 21% 300 15% Total $9,900 $ $1,500 Car loan, 6% interest rate, $10,000 balance, $295 per month Department store card, 28% interest rate, $600 balance, minimum payment 5% of balance Discover Card, 12% interest rate, $2,000 balance, minimum payment 2% of balance VISA Card, 13% interest rate, $3,000 balance, minimum payment 2% of balance MasterCard 1, 14% interest rate, $4,000 balance, minimum payment 2% of balance MasterCard 2, 14% interest rate, so balance, minimum payment 2% of balance Gasoline card, 21% interest rate, $300 balance, minimum payment 5% of balance Assume all credit cards wi assess a $35 late fee and ongoing penalty 8% bove the nt rate if you a payment. Your VISA card statement came with a blank cash advance check (for up to $10,000) with terms of 23.99% APR and a fee of 3% if you use it. Your recent MasterCard 2 statement came with a balance transfer offer (up to $4,000) with no fee and 0% APR for 12 months, after which the normal interest rate applies. You recently found an incorrect amount charged on your VISA card from a store you frequent often. You'd like to come up with a plan to eliminate all of your credit card debt
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