She’s got requested a $5.5k loan with a four year term to keep her monthly premiums manageable.
A $5500 loan having a four 12 months term and 6.5% rate of interest for Dorothy would price her the following every month:
Loan Amount (principal) = $5500 rate of interest = 7.4% Term Length =4 12 months Monthly Payment = $132.73 Total Paid Back = $6370.92 Total Interest = $870.92
Dorothy should quickly pay from the cash advance as her very very first concern. She is being cost by it the absolute most cash with regards to costs and interest costs.
She’s got two charge cards. On is really a conventional bank card that charges 19% interest on overdue balances.
One other is a shop charge card and also this card charges a hefty 29% interest on overdue balances. Clearly this will function as next anyone to repay on the concern list.
Dorothy sent applications for a $5500 debt consolidating loan that will have a comparatively tiny payment that is monthly lower interest price aswell.
She really wants to pay it back in four years, nevertheless we recommend it more quickly to reduce her overall interest charges that she try to repay.