OpenStudy (anonymous):

Use the table below summarizing the credit card debt Max currently holds to answer the question that follows. Credit Card Balance APR Minimum Payment Total Interest Paid Number of Months to Pay Off US Speedy Card $3,452 21.4% $138.08 $2,516 131 Furniture Warehouse Card $3,046 20.6% $121.84 $2,022 122 Home Décor Card $3,526 17.5% $141.04 $1,819 117 Dress Yourself Card $3,985 19.8% $159.40 $2,693 133 Which credit card should receive the highest payment if Max snowballs his debt according to the balance?

4 years ago
OpenStudy (amistre64):

what does it mean to snowball a debt?

4 years ago
OpenStudy (anonymous):

I have no clue

4 years ago
OpenStudy (anonymous):

I keep getting the question wrong every time I do it, maybe it doesn't mean anything special?

4 years ago
OpenStudy (anonymous):

Stopppp I don't speak Spanish

4 years ago
OpenStudy (anonymous):

okay, sorry :\

4 years ago
OpenStudy (amistre64):

according to that definition .... the definition associated with your own material may differ ... the smallest debt gets a little more money

4 years ago
OpenStudy (anonymous):

I'm still confused, but I understand that definition :/

4 years ago
OpenStudy (amistre64):

the smallest debt is paid off first; by adding an extra "M" amount to it

4 years ago
OpenStudy (amistre64):

$3,452 21.4% $138.08 $2,516 131 $3,046 20.6% $121.84 $2,022 122 <-- smallest balance gets +M added $3,526 17.5% $141.04 $1,819 117 $3,985

4 years ago
OpenStudy (anonymous):

Oh alright, so that answer would be Furniture Warehouse Card

4 years ago
OpenStudy (amistre64):

without knowing what amount M is added, then there is no way of knowing which one is actually the highest payment .... M would have to be greater then the difference of the bigest and smallest payments

4 years ago
OpenStudy (amistre64):

my guess would be the furniture place .. but i cant be certain without knowing how your material defines a snowball ....

4 years ago
OpenStudy (anonymous):

Ok thank you :)

4 years ago
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