You will use the information from all your credit cards. If you do not have credit cards,
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Question:
You will use the information from all your credit cards. If you do not have credit cards, go online and find the information of at least 3 major credit cards (Visa, MasterCard, American Express, Discover, CITI, Capital One, Chase, Barclay, etc) Make sure you select cards with different APR's (we need the APR info)
- Determine the interest rate (%) of each of your credit cards. This is also called the APR
- Determine the compounding frequency of each card
- Rank credit cards with the higher % being #1
- Determine the minimum payment of each card (or any loan you have), add them up, this is your total monthly credit card payment (TMCC)
- Determine the percent of your budget that goes to pay previous total
- Determine any extra amount (and % of the budget) that you can use to pay the TMCC
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date: