Week 4 Discussion 1 FP101

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

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

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....
View Full Document

This note was uploaded on 03/17/2012 for the course ALL all taught by Professor All during the Spring '10 term at University of Phoenix.

Ask a homework question - tutors are online