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

Q1: How will the total monthly payment change for each month?

Q2: How will the payments for each credit card change for each month?

Question

Julia has been paying the minimum balance on her three credit cards each month. She has outlined the minimum payments for the next four months. She decides to snowball her debt after Month 1 according to the interest rate instead of paying the minimum payment. 

Q1: How will the total monthly payment change for each month?

Q2: How will the payments for each credit card change for each month?

anonymous · Answer

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