1. Phoenix has gotten herself in a bit of trouble with credit cards. The following...
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1. Phoenix has gotten herself in a bit of trouble with credit cards. The following are the current balances and interest rates on her credit cards: Visa: $6,750 at 19.8% APR MasterCard: $8,267 at 16.5% APR Gas card: $1,579 at 22.65% APR Department store card: $3,345 at 21.99% APR Phoenix earns $3,000 per month as a painter. Can she afford this debt? Develop a debt plan so that her credit cards are paid off in two years. 2. Horace paid for a $0.79 pack of gum with a credit card. Due to his revolving balance, he will end up paying 23.49% interest on that pack of gum for 10 years. How much did it really cost Horace to charge that pack of gum? How much would a $1,000 couch really cost him? 3. You want to buy $10,000 in furniture and electronics for your new home. Research different credit card offers and, assuming you qualify for the full amount, choose the card(s) on which you will charge this purchase and explain your choice.
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