I have 3 credit cards which I am slowly paying them off.
Card# Balance Monthly Interest Months to pay of Minimum Payment at current rate Payment 1 $15,904 $453 2% 35 $453 2 $11,555 $652 2% 18 $360 3 $8,704 $260 0% 24 $260
- The interest rates are locked in and cannot change, so at least I don't have to worry about that.
- The monthly payments that I am sending in is the most I can pay.
- Other than redirecting money going to card #2, there isn't a whole lot of space to play with, as cards #1 and #3 are receving the minimum payment.
How do I calculate the most optimal way to pay off all cards in a shortest time?