Question: Using the information below, determine how long it would take to pay off all of the debt using the Snowball Method. Debt Item Amount Owed

Using the information below, determine how long it would take to pay off all of the debt using the Snowball Method.

Debt Item

Amount Owed

Adjusted Amount

Monthly Minimum Payment

New Big Screen TV

$3,200

$225

New Livingroom Furniture

$5,200

$405

New Car

$18,765

$630

If you wanted to pay off the first item (new TV) in 12 months, how much would your monthly payments increase to?

How many months would it take to become totally debt free?

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