Gabe has an outstanding balance on four different credit cards. Which method of paying off his credit card debt will save him money and results in the fastest payoff of one of the debts?
a-paying the minimum balance each month
b-making fixed payments
c-snowballing his payments according to the highest interest rate
d-snowballing his payments according to the lowest balance

Question

Gabe has an outstanding balance on four different credit cards. Which method of paying off his credit card debt will save him money and results in the fastest payoff of one of the debts?  
a-paying the minimum balance each month 
b-making fixed payments 
c-snowballing his payments according to the highest interest rate 
d-snowballing his payments according to the lowest balance

anonymous · Answer

c

anonymous · Answer

Can you help me with a few other problems??

anonymous · Answer

sure

anonymous · Answer

Johann owes $9,889 on a credit card with a 23.5% interest rate. What is the monthly payment he should make to pay off this debt in 12 months, assuming he does not charge any more purchases with the card?

anonymous · Answer

Is the 23.5% APR?

anonymous · Answer

interest rate

anonymous · Answer

$933

anonymous · Answer

Johann would accrue $1307 in interest over the course of 12 months

anonymous · Answer

yea i got 932.71 ! what about this one? Carolyn owes $9,620 on her Electronics Boutique credit card with a 16.4% interest rate. She owes $3,970 on her Miscellaneous Goods credit cards which has a 24.6% interest rate. What is the total monthly payment needed to pay off both cards in three years, assuming she makes fixed payments and does not charge any more purchases with the card?

anonymous · Answer

$340.11/month for the boutique $157.01/month for misc.

anonymous · Answer

Are these right? And is there all the answers?

anonymous · Answer

Was aamorris right?? 
@HummingbirdLily1212 You wouldn't happen to remember if he was right or not, would you?