# Phoenix Slump

## Visa: \$6,750 at 19.8% APR

N=24. N=24

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

N=24. N=24

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

N=24. N=24

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

N=24. N=24

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.