Answered

Westonci.ca offers fast, accurate answers to your questions. Join our community and get the insights you need now. Experience the ease of finding quick and accurate answers to your questions from professionals on our platform. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Caitlin has a balance of $4,880 on her credit card that has an APR of 16%. She currently pays the minimum monthly payment of $105.86. If Caitlin wants to pay off her balance in 20 months, determine the monthly payment she would need to make. Choose the following modification with the least cuts to her current expenses that will allow Caitlin to pay off her balance in 20 months.
Income
Wages
$2,896.00
Expenses
Rent
$1200.00

Utilities
$212.64

Food/Clothes
$335.00

Entertainment
$346.00

Car
$490.00

Credit Card
$105.86

Cell Phone
$116.37
Net Income

$90.13

a.
Caitlin can eliminate $100 from Food/Clothes and $85 from Entertainment.
b.
Caitlin can eliminate $62 from Food/Clothes and $49 from Entertainment.
c.
Caitlin can eliminate $54 from Food/Clothes and $120 from Entertainment.
d.
The minimum payment is enough to pay off the balance within 20 months.

Sagot :

And is C
Caitlin can eliminate $54 from Food/Clothes and $120 from Entertainment.

The modification that has the least cuts to her current expenses will be C. Caitlin can eliminate $54 from Food/Clothes and $120 from Entertainment.

What are current expenses?

It should be noted that current expenses are the simply the expenses that keep an individual or business going.

In this case, the modification with the least cuts to her current expenses that will allow Caitlin to pay off her balance in 20 months is that Caitlin can eliminate $54 from Food/Clothes and $120 from Entertainment.

This is important in order for her to cut her cost.

Learn more about expenses on:

https://brainly.com/question/14697297

Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.