** ADVANCED ALGEBRA WITH FINANCIAL APPLICATIONS** HELP ME PLEASE

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.

Part 1 (2 points): Explain, using complete sentences, how the total monthly payment will change for each month.

Part 2 (2 points): Explain, using complete sentences, how the payments for each credit card will change for each month.

Question

** ADVANCED ALGEBRA WITH FINANCIAL APPLICATIONS** HELP ME PLEASE




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. 

Part 1 (2 points): Explain, using complete sentences, how the total monthly payment will change for each month.

Part 2 (2 points): Explain, using complete sentences, how the payments for each credit card will change for each month.

anonymous · Answer

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


medal to anyone that answers it correctly, ive been trying to figure this out for days

anonymous · Answer

The debt snowball strategy is a method of debt reduction that requires paying off debt in a certain order. Basically, minimum payments are made on all but one balance. As these minimum payments decline, the additional money is used to apply a greater payment to the remaining card balance.