Calculate the balances month-to-month

Reference no: EM13744885

Question 1: You have the following debts:

a. Student loan balance of $17,000 at 5.25% interest, with payments of $225/month

b. Visa balance of $800 at 18% interest, with a mini-mum monthly payment of $32

c. Car loan balance of $5,500, with monthly pay-ments of $175

d. Department store credit card balance of $300 at 24% interest, with minimum monthly payments of $25

By paying all of your expenses and living on a very tight budget, you stopped all the little leaks and now have an extra $300 each month and $1,000 in your emergency fund. You now are at war with your debts. Structure a repayment plan, listing the order in which you will pay off your debts and when they will be paid off. Use a worksheet like the one below to calculate the balances month-to-month for two years.

Debt	Beginning Balance	Current Balance	Minimum Balance	Current Payment Account	Payment To Zero Balance	Debt Of Payoff
$	$	$	$	$	$	$

Reference no: EM13744885

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