Mr.Debt has 3 credit cards. First card have \$5,000 balance with the rate of 10% compounded monthly. Second card have \$2,000 balance with the rate of 14% compounded monthly. Third card have \$4,000 balance with the rate of 8% compounded monthly. All card have minimal payment of 1% + each month interest . Mr.Debt want to set a fix amount of payment per month. How much will Mr.Debt will have to pay as little as possible and still payoff his debt in 24 months.
Please Help.
I found the formula to do a single credit card which is http://www.algebra.com/algebra/homework/word/finance/Money_Word_Problems.faq.question.321982.html but does not seem to work with multiple credit card.