You have two credit cards.

Card Name (APR %)

Existing Balance

Credit Limit

Murk (5.6%) $675.49 $1,500.00
Mini (9.85%) $902.43 $1,000.00

What is your debt ratio? If you budget $375 to payoff your credit card debt and you payoff the highest interest card first while maintaining the interest accrued on the other card, how many months does it take you to pay it off and how much is the payment each time excluding the last payment?

Question

You have two credit cards.


    Card Name (APR %) 

    Existing Balance 

    Credit Limit 


      Murk (5.6%) $675.49 $1,500.00 
      Mini (9.85%) $902.43 $1,000.00 

What is your debt ratio? If you budget $375 to payoff your credit card debt and you payoff the highest interest card first while maintaining the interest accrued on the other card, how many months does it take you to pay it off and how much is the payment each time excluding the last payment?

twolsey5 · Answer

Your parents are buying a house for $187,500. They have a good credit rating, are making a 20% down payment, and expect to pay $1,575/month. The interest rate for the mortgage is 4.65%. What must their realized income be before each month and how much interest is paid at the end of the second month?