How you should allocate the funds

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Reference no: EM131354673

You just received notice that you will be receiving a bonus of $10,000 on December 1. What should you do with the money?

Current situation:

You want to go on vacation to Hawaii at a cost of $2,500 so you can enjoy your bonus.

You have a credit card bill with a $5,000 balance accruing interest at 22%,

You have a car loan of $7,500 with interest at 5%

You want to buy Christmas presents for $1,500

Rent is due in the amount of $1,800

You want to put money away for retirement.

Please write a recommendation on how you should allocate the funds.

Reference no: EM131354673

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