Phoenix
Debt Plan
Visa - $6,750 - 19.8% APR
I%=19.8 I%=19.8
PV=$-6,750 PV=$-3000
PMT=?$-342 PMT=0
FV=0 FV=?$4,443.23
P/Y=12 P/Y=12
C/Y=12 C/Y=12
Phoenix would need to make $342.89 per month for two years in order to be able to afford her debt on her Visa for $6,750 with 19.8 APR.
Mastercard - $8,267 - 16.5% APR
I%=16.5 I%=16.5
PV=$-8,267 PV=$-3,000
PMT=?$-406.76 PMT=0
FV=0 FV=?$4,163.53
P/Y=12 P/Y=12
C/Y=12 C/Y=12
Phoenix would need to make $406.76 per month for two years to be able to afford her debt on her Mastercard for $8,267 with 16.5% APR.
Gas Card - $1,579 - 22.65% APR
I%=22.65 I%=22.65
PV=$-1,579 PV=$-3,000
PMT=?$-82.42 PMT=0
FV=0 FV=?$4,699.19
P/Y=12 P/Y=12
C/Y=12 C/Y=12
Phoenix would have to pay $82.42 per month for two years. Therefore, she can afford this debt on her Gas Card at $1,579 at 22.65% APR.
Department Store Card - $3,345 - 21.99% APR
I%=21.99 I%=21.99
PV=$-3,345 PV=-$3,000
PMT=?$-173.52 PMT=0
FV=0 FV=?$4,638.69
P/Y=12 P/Y=12
C/Y=12 C/Y=12
Phoenix would have to pay $173.52 per month for two years. This means, she can afford this debt on her Department Store Card for $3,345 at 21.99% APR.