Phoenix Slump
By Shawn Mott
Visa: $6,750 at 19.8% APR
I%=19.8. I%=19.8
PV=$-6750. PV=$-3000
PMT=?$-342.89 PMT=0
FV=0. FV=?$4443.23
P/Y=12. P/Y=12
C/Y=12. C/Y=12
Phoenix can't afford his debt on his Visa for $6,750 with 19.8% APR.
However he can pay it off in two years if he pays $342.89 per month.
Mastercard: $8,267 at 16.5% APR
I%=16.5. I%=16.5
PV=$-8267. PV=$-3000
PMT=?$-406.76 PMT=0
FV=0. FV=?$4163.53
P/Y=12. P/Y=12
C/Y=12. C/Y=12
Phoenix also can't afford his Mastercard debt for $8267 at 16.5% APR.
However he can pay it off in two years if he pays $406.76 per month.
Gas Card: $1,579 at 22.65% APR
I%=22.65. I%=22.65
PV=$-1579. PV=$-3000
PMT=?$-82.42 PMT=0
FV=0. FV=?$4699.19
P/Y=12. P/Y=12
C/Y=12. C/Y=12
Phoenix can afford this debt on his Gas Card at $1579 at 22.65% APR.
All Phoenix would have to pay for two years is $82.42 a month.
Department Store Card: $3,345 at 21.99% APR
I%=21.99. I%=21.99
PV=$-3345. PV=$-3000
PMT=?$-173.52 PMT=0
FV=0. FV=?$4638.69
P/Y=12. P/Y=12
C/Y=12. C/Y=12
Phoenix also can afford this debt on his Department store card at $3345 at 21.99% APR.
All Phoenix would need to pay is $173.52 per month.