Julius currently pays the minimum monthly payment of $34.15 on his credit card, which has a balance of $1,289. His credit card has an APR of 20%. If Julius wants to pay off the balance in 12 months, determine the monthly payments he needs to make. Choose the following modification with the least cuts to his current expenses that will allow Julius to pay off his credit card balance in 12 months.

The modification that will enable Julius pay off the balance is : ( A ) Julius can eliminate $31 from Entertainment and $55 from Food/Clothes

The amount Julius will have to pay every month to clear the balance in 12 months = $107.41

Determine the amount Julius needs to pay monthly

Eliminating $31 from entertainment and $55 from food and clothes are the least cuts to his current expenses. since Julius makes a minimum monthly payment of $34.15 on a balance of $1289

The amount Julius will have to pay every month to clear the balance in 12 months

= Balance / 12

= $1289 / 12

= $107.41

Note : The Balance includes the loan amount and total cost of taking the loan ( APR )

Hence we can conclude that The modification that will enable Julius pay off the balance is Julius can eliminate $31 from Entertainment and $55 from Food/Clothes The amount Julius will have to pay every month to clear the balance in 12 months = $107.41

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