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Question - Use Larry's Minimum Payment Summary to answer the statements that follow. 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
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.
Please help me explain, using complete sentences, how the total monthly payment will change for each month.
Please help me also explain, using complete sentences, how the payments for each credit card will change for each month.
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