# Phoenix's Financial Issues

## 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.