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Wednesday, April 7, 2010 as of 11:14 AM ET

Franklin Resources

    Franklin Resources Inc. is a holding company which, together with its subsidiaries, is referred to as Franklin Templeton Investments; it is an investment firm originally founded in New York in 1947 as Franklin Distributors, Inc.

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    How to Pay Down Debt

    Suppose you have the following account balances: (1)Debt  Balance Interest Rate/Yr.

    1 $3,000 2.50% 2 $8,000 2.00% 3 $11,000 3.50% 4 $13,000 3.25% 5 $52,000 3.75% 6 $60,000 4.00%Now assume that for the next 25 years you will receive $5,000 in cash that you can use to pay down your outstanding debt. In addition to this cash infusion, you will hit the lottery several times, winning $20,000 (year No.6), $15,000 (year No.12) and $40,000 (year No.19). You will also apply these winnings against your debt.In every case, you can apportion your cash any way you like. For simplicity sake, there are no "minimum payments" required. So, how would you pay down your debt? If you're like most people, the first year you'll wipe out debt No.1 and put the remaining $2,000 against Debt No.2. In year No. 2, you'd use the entire $5,000 to almost eliminate Debt No.3.You would follow the same strategy each subsequent year, applying whatever amount of cash you receive to pay off the smallest debts first. After ...

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