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3. Use Sydney's Minimum Payment Summary to answer the statements that follow.
Sydney's Minimum Payment Summary
Card Card Card Total
Month A(18% B[20% (24% Monthly
APR) APR) APR) Payment
1 $32.19 $43.43 $50.28 $125.90
2 $30.83 $41.79 $48.98 $121.60
3
$38.67 $46.14 $113.46
4 $26.31 $36.12 $43.98 $106.41
$28.65
Sydney has been paying the minimum balance on her three credit cards each month. She has outlined the minimum payments for the next four months. She decides to snowball her debt after Month 1 according to the interest rate
instead of paying the minimum payment.
Part 1 (2 points): Explain, using complete sentences, how the total monthly payment will change for each month
Part 2 (2 points): Explain, using complete sentences, how the payments for each credit card will change for each month. (4 points)
Answers: 3
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3. Use Sydney's Minimum Payment Summary to answer the statements that follow.
Sydney's Minimum Paym...
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