Phoenix Slump

By Shawn Mott

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.