Week 4 Discussion 1 FP101

Week 4 Discussion 1 FP101 - interest If I only paid the...

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After typing in my credit card debt and the fixed payment amount that I could make each month, on the debt management calculator. I have come to the conclusion that it is better to pay the higher monthly payment each month. For example, I have credit card debt in the amount of 5,000 dollars. If I can make a fixed payment in the amount of 150 dollars each month, then I will be able to pay off my credit card debt in 47 months. In that time, I will pay 1,983.60 dollars in
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Unformatted text preview: interest. If I only paid the minimum monthly payment on my credit card, then it would take me 273 months to pay off my debt. In that time, I will pay 6,923.14 dollars in interest. I would take me five times as long to pay off my debt, if I were to only make my monthly payments. It would also cost me more than three times more money in interest. Overall, I think it is better to pay the higher monthly amount....
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