Phoenix's Financial Issues

Can she afford the Credit Card Payments?

Visa Card Balance: $6750.00 at 19.8% APR

N=24.

I%=19.8.

PV=$-6750.

PMT=?$-342.89

FV=0.

P/Y=12.

C/Y=12.

Phoenix needs to pay $342.89 every month to wipe out the debt on her Visa card.


N=24

I%=19.8

PV=$-3000

PMT=0

FV=?$4443.23

P/Y=12

C/Y=12

With Phoenix's $3000 budget she won't be able to pay back the debt.

MasterCard Balance: $8267 at 16.5% APR

N=24.

I%=16.5

PV=$-8267

PMT=?$-406.76

FV=0

P/Y=12

C/Y=12

Phoenix needs to pay $406.76 for 24 months to pay off her MasterCard Balance.


N=24

I%=16.5

PV=$-3000

PMT=0

FV=?$4163.53

P/Y=12

C/Y=12. C/Y=12

With Phoenix's $3000 budget she won't be able to pay back the debt.

Gas Card Balance: $1579 at 22.65% APR

N=24

I%=22.65

PV=$-1579

PMT=?$-82.42

FV=0

P/Y=12

C/Y=12

Phoenix would need to make $82.42 per month for two years to pay off this card.


N=24

I%=22.65

PV=$-3000

PMT=0

FV=?$4699.19

P/Y=12

C/Y=12

With Phoenix's $3000 budget she will be able to afford to pay back this Credit Card.

Department Store Card Balance: $3345 at 21.99% APR

N=24

I%=21.99

PV=$-3345

PMT=?$-173.52

FV=0

P/Y=12

C/Y=12

Phoenix would need to pay $173.52 per month for 24 months to pay back this card.


N=24

I%=21.99

PV=$-3000

PMT=0

FV=?$4638.69

P/Y=12

C/Y=12

With Phoenix's $3000 budget she will be able to pay back this credit card.