You have $400. 00 each month to pay off these two credit cards. You decide to pay only the interest on the lower-interest card and the remaining amount to the higher interest card. Complete the following two tables to help you answer questions 1–3.
Card Name (APR %) Existing Balance Credit Limit
MarK2 (6. 5%) $475. 00 $3,000. 00
Bee4 (10. 1%) $1,311. 48 $2,500. 00
I need help getting started on this, Im a bit confused as where to start.
Higher-Interest Card (Payoff Option)
Month 1 2 3 4 5 6 7 8 9 10
Principal
Interest accrued
Payment (on due date)
End-of-month balance
I really need help, I'm not asking for the whole thing to be done, just need help getting started.
