73.8k views
1 vote
James has a balance of $1,230 on his credit card that has an APR of 24%. He currently pays the minimum monthly payment of

$30.75. If James wants to pay off his balance in 18 months, determine the monthly payment he would need to make. Choose the
following modification with the least cuts to his current expenses that will allow James to pay off his balance in 18 months.
Income
Expenses
Wages
Rent
Utilities
Food/Clothes
Entertainment
Car
Credit Card
Cell Phone
$3,015.00
$1250.00
$432.45
$345.00
|$255.00
$360.00
$30.75 l
$103.89
$237.91
Net Income
a. James can eliminate $83 from Food/Clothes.
b. James can eliminate $25 from Food/Clothes and $27 from Entertainment.
c. Addison can eliminate $15 from Food/Clothes and $22 from Entertainment.
Moi

User Justify
by
6.3k points

1 Answer

2 votes

Answer:

the answer is B James can eliminate $25 from Food/Clothes and $27 from Entertainment.

hope it helps!

User Whitney Foster
by
8.0k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.