Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have a car loan at an 8% per year interest, school loans averaging 3% per year interest, credit card debt at 14% per year

You have a car loan at an 8% per year interest, school loans averaging 3% per year interest, credit card debt at 14% per year interest, and you are investing in a fund in which you are earning 7% per year. If you have excess cash flow of $200 per month, prioritize where you should make accelerated payments or invest the cash to optimize the financial result. Question 8 options: Credit card debt, car loan, investment, school loan Investment, car loan, school loan, credit card debt Investment, school loan, credit card debt, car loan Always put excess cash to use in an investment

Step by Step Solution

3.43 Rating (150 Votes )

There are 3 Steps involved in it

Step: 1

Heres the breakdown of where you should prioritize putting your excess cash flow of 200 per monthbas... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Finance questions

Question

Copy and complete the statement. 3800 m ? km =

Answered: 1 week ago