Larry's Minimum Payment Summary
Month
Card A
(18% APR)
Card B
(20% APR)
Card C
(24% APR)
Total Monthly Payment
1 $62.57 $151.76 $181.74 $396.07
2 $60.94 $147.97 $176.51 $385.42
3 $58.72 $143.65 $171.14 $373.51
4 $56.43 $139.38 $166.58 $362.39

Larry has been paying the minimum balance on his three credit cards each month. He has outlined the minimum payments for the next four months. He decides to snowball his debt after Month 1 according to the interest rate instead of paying the minimum payment.

Question

Larry's Minimum Payment Summary
Month	
Card A
(18% APR)
Card B
(20% APR)
Card C
(24% APR)
Total Monthly Payment
1	$62.57	$151.76	$181.74	$396.07
2	$60.94	$147.97	$176.51	$385.42
3	$58.72	$143.65	$171.14	$373.51
4	$56.43	$139.38	$166.58	$362.39


Larry has been paying the minimum balance on his three credit cards each month. He has outlined the minimum payments for the next four months. He decides to snowball his debt after Month 1 according to the interest rate instead of paying the minimum payment.

anonymous · Answer

Explain, using complete sentences, how the total monthly payment will change for each month.