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Savings vs. Debt Portfolio

You have $400.00 each month to payoff these 2 credit cards. You decide to pay only the interest on the lowest interest card and the remaining amount to the other card. Complete the following two tables to help you answer questions 1–3.

Higher-Interest Card (Payoff Option)

Lower-Interest Card

1)   How long does it take to pay off the higher interest card?

2)   What is the amount of the last payment? Why?

3)   At the end of the month that you pay off the higher-interest card, after you have started to pay down your debt on the lower-interest card, what is the balance of the lower-interest card? Why?

Complete the following two tables to help you answer questions 4–5.

4)   Rework the problem so that you pay off the lower-interest card first.

5)   How much money do you save by paying off the higher-interest card first?

Lower-Interest Card (Payoff Option)

Higher-Interest Card

Be sure to include in your response:

·         All parts of the table are complete and calculations correct

·         The answers to the additional questions