Obligation Debt Amount Min Monthly Amount Annual Interest RateStudent loans $40,000.00 $500.00 6.00% Car loan $11,500.00 $375.009.50% Chase credit card $2,100.00 $84.00 18.00% Amazon credit card$1,050.00 $42.00 15.00% TJ Maxx credit card $380.00 $15.00 24.00%You recently graduated with a reasonably well paying job and afterreviewing your budget you have an extra $200 a month to put towardspaying off your debts as you have built up an appropriate savings.In exactly 12 months, you have been promised a raise that willallow you to put a total of $400 a month towards paying down debts(original $200 plus another $200). How many months will it take topay off the chase card if you pay the minimum monthly amount listedabove on the Chase card? Hint: the first month the interest rate is18%/12 = 1.5%. The interest owed is 1.5% of $2,100 = $31.50. So youwill pay down your debt by $42-$31.50 = $10.50. This means you owe$2,100 - $10.50 = $2,089.50 the next month. (Use a spreadsheet!!).Your answer is between 90 and 100 months!! Use this technique laterdown below.Discuss two approaches a) paying the highest interestrate debts first or b) paying of the smallest first. Which istheoretically best and which is emotionally best for people. Doappropriate research and reference.