During your university career you were a frivolous spender and have racked up some credit card debt.

You have the following balances owing:
RBC Rewards $6,298. Minimum payment of $75/ month. 18% APR
BMO Visa $4,739. Minimum payment of $95 / month. 21% APR
All credit cards compound interest daily.
After taking ADMS3541 you decide to take control of your finances and create a plan to repay all debts. You have determined that you can afford to allocate $300 a month towards all debt and plan to pay of the credit card with the highest interest rate first.

Required:

Calculate the total amount paid, total interest, and total time to repay both credit card balances.

Answer rating: 100% (QA)

For this Question we will use excel functions 1 RBC Monthly interest R... View the full answer