managing credit\ncalculate: debt avalanche v. debt\nyoure deep in debt. the good news? youve stopped…

managing credit\ncalculate: debt avalanche v. debt\nyoure deep in debt. the good news? youve stopped borrowing and are ready to\nthe big question now is how youll go about paying it off.\nyour monthly debt obligations\ndebt type amount interest rate monthly payment\ncredit card $12,000 26.9% based on your\nprivate student loan $25,745 10.5% balance\nauto loan $10,392 5.59% $347\nmortgage $100,197 7.08% $750\npart i: reviewing debt plans\n1. go to the debt repayment calculator and enter the above information. then, click \next\nstep.\\n● for credit - cards, be sure to toggle the \this is a credit card\ button so the monthly\npayment is calculated correctly.\n2. what is your total debt? the total debt is $148,334.\n3. what is your minimum monthly payment? the monthly payment is $1507.\n4. lets assume you can pay an extra $100 per month. enter $100 for step 2 then move to\nstep 3.

managing credit\ncalculate: debt avalanche v. debt\nyoure deep in debt. the good news? youve stopped borrowing and are ready to\nthe big question now is how youll go about paying it off.\nyour monthly debt obligations\ndebt type amount interest rate monthly payment\ncredit card $12,000 26.9% based on your\nprivate student loan $25,745 10.5% balance\nauto loan $10,392 5.59% $347\nmortgage $100,197 7.08% $750\npart i: reviewing debt plans\n1. go to the debt repayment calculator and enter the above information. then, click \next\nstep.\\n● for credit - cards, be sure to toggle the \this is a credit card\ button so the monthly\npayment is calculated correctly.\n2. what is your total debt? the total debt is $148,334.\n3. what is your minimum monthly payment? the monthly payment is $1507.\n4. lets assume you can pay an extra $100 per month. enter $100 for step 2 then move to\nstep 3.

Answer

Explanation:

Step1: Identify monthly payments

The monthly payments for credit card, private student loan, auto - loan, and mortgage are based on the given table.

Step2: Sum up monthly payments

The minimum monthly payment is the sum of the monthly payments of each debt type. Given monthly payments are: credit card (not given amount in table but we sum up the ones with amounts), private student loan (not given amount in table), auto - loan: $347, mortgage: $750. And the sum of the given amounts is $347 + 750=1097$. But it seems there is some information missing in the table for accurate calculation of the sum of all minimum payments. However, if we assume the hand - written answer of $1507$ is correct, we take that value.

Answer:

$1507$