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PLEASE HELP!!!!


You have two credit cards.

Card Name (APR %) Existing Balance Credit Limit

Murk (5.6%) $675.49 $1,500.00

Mini (9.85%) $902.43 $1,000.00



What is your debt ratio? If you budget $375 to payoff your credit card debt and you payoff the highest interest card first while maintaining the interest accrued on the other card, how many months does it take you to pay it off and how much is the payment each time excluding the last payment?

Respuesta :

morgaine816
Just in case you did not see it on the other question.
5 months

Month 1: $375 Mini $3.15 Murk
Month 2: $375 Mini $3.15 Murk
Month 3: $165.58 Mini $209.42 Murk
Month 4: $375 Murk
Month 5: $87.36 Murk
akindelemf

Answer:

The Last payment would be 5th month.

Step-by-step explanation:

Mini      

Month    Opening     Interest 5.6%     Amount       Payment       Closing

              Balance                                     including interest               Balance

1        902.43      7.40744625       909.8374           375 534.8374

2       534.8374       4.390124038        539.2276           375 164.2276

3       164.2276       1.348034639        165.5756           375 -209.424

Murk

Month    Opening    Interest 5.6%   Amount         Payment        Closing

              Balance                                    including interest                  Balance      

1        675.49   3.152286667   678.6423         0       678.6423

2        678.6423   3.166997338   681.8093          0       681.8093

3        681.8093   3.181776659            684.9911      209.424 475.5671

4        475.5671   2.21931295             477.7864        375         102.7864

5        102.7864   0.479669744      103.266        375     -271.734

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