No Plagiarism Please! Enter your answer and show all the steps that you use to solve this problem in the space provided. You have two credit cards. Card Name (APR %) Existing Balance Credit Limit Murk (5.6%) $675.49 $1,500.00 Mini (9.85%) $902.43 $1,000.00 What is your debt ratio? If you budget $375 to payoff your credit card debt and you payoff the highest interest card first while maintaining the interest accrued on the other card, how many months does it take you to pay it off and how much is the payment each time excluding the last payment? Be sure to include the following in your response: the answer to the original question the mathematical steps for solving the problem demonstrating mathematical reasoning
No Plagiarism Please!
Enter your answer and show all the steps that you use to solve this problem in the space provided.
You have two credit cards.
| Card Name (APR %) | Existing Balance | Credit Limit |
| Murk (5.6%) | $675.49 | $1,500.00 |
| Mini (9.85%) | $902.43 | $1,000.00 |
What is your debt ratio? If you budget $375 to payoff your credit card debt and you payoff the highest interest card first while maintaining the interest accrued on the other card, how many months does it take you to pay it off and how much is the payment each time excluding the last payment?
Be sure to include the following in your response:
- the answer to the original question
- the mathematical steps for solving the problem demonstrating mathematical reasoning
A credit card refers to a plastic card that is issued by the bank allowing the holder of the card to be the goods or services on credit and will be paid the amount on the fixed date of every month with interest charged.
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