Question

HELP ASAP!!!!!


What is your debt ratio? If you budget $375 to payoff your credit card debt and you payoff the highest interest card first while maintaining the interest accrued on the other card, how many months does it take you to pay it off and how much is the payment each time excluding the last payment?

Answer 1

It will take 5 months and the payments will be as follows:

Month 1: $375 to Mini and $3.15 to Murk
Month 2: $375 to Mini and $3.15 to Murk
Month 3: $165.58 to Mini and $209.42 to Murk
Month 4: $375 to Murk
Month 5: $87.36 to Murk 

Answer 2

Given the debt ratio, the number of months that will be required is 5 months.

What is a debt ratio?

It should be noted that a debt ratio measures the amount of leverage that is used by a company in terms of total debt to total assets.

In this case, from the complete question, the payment in the 1st month is $375 to Mini and $3.15 to Murk. In the second month, it will be $375 to Mini and $3.15 to Murk

In the third month, it will be $165.58 to Mini and $209.42 to Murk. In month 4, the payment will be $375 to Murk, and in the fifth month, the payment is $87.36 to Murk.

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