Distributed to three cards to minimize amount of interest

Assignment Help Financial Management

Reference no: EM131916376

An individual has three credit cards with debt and different interest rates. Card 1 has $500 of debt and 1.5% monthly interest rate, Card 2 has $750 of debt and 2.0% monthly interest rate, and Card 3 has $1000 of debt and 1.0% monthly interest rate.

If the individual sets aside $500 per month to pay off the debt, how should the $500 be distributed to three cards to minimize the amount of interest?

Reference no: EM131916376

Questions Cloud

Address the memo to all home office employees at company : Your competitor has agreed to allow 80% of the workforce to stay, however, performance reviews will be mandated to assess employee value.

What is expected npv and standard deviation of npv : What is the expected NPV and standard deviation of NPV, based on the three scenarios?

Determining whether unlawful harassment has occurred : Do you agree with the court's reasoning about the importance of workplace context in determining whether unlawful harassment has occurred? Explain.

Market share leader in radar detection systems : Suppose you have been hired as a financial consultant to Defense Electronics, Inc. publicly traded firm that is market share leader in radar detection systems.

Distributed to three cards to minimize amount of interest : How should the $500 be distributed to three cards to minimize the amount of interest?

How would you address the challenges : Resolving job-related religious conflicts can be among the most emotionally demanding management dilemmas. For example, what challenges would you face.

How should chapman have responded to colwell request : Jeanette Colwell was hired as a part-time retail clerk at a Rite Aid store in Old Forge, Pennsylvania. She worked various shifts, including 5 pm to 9 pm.

Calculate cost of equity using dividend growth model method : Calculate the cost of equity using the SML method. Calculate the cost of equity using the dividend growth model method.

Should the adea protect against age discrimination : Being young is cool, but younger workers may get cold treatment in the workplace. Younger workers often seem to take the brunt of layoffs.

User Account

All Pages