Question
Using the information below, determine how long it would take to pay off all of the debt using the Snowball Method. Debt Item Amount Owed
Using the information below, determine how long it would take to pay off all of the debt using the Snowball Method.
| Debt Item | Amount Owed | Adjusted Amount | Monthly Minimum Payment |
| New Big Screen TV | $3,200 | $225 | |
| New Livingroom Furniture | $5,200 | $405 | |
| New Car | $18,765 | $630 |
If you wanted to pay off the first item (new TV) in 12 months, how much would your monthly payments increase to?
How many months would it take to become totally debt free?
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
16th Edition
78110939, 978-0078110931
