‘Math 1059 Crest Card Debt Ascignment rome SUD igkcont ‘You have received Your monthly creditcard statement and must now deal wth the financial realities of ast manth’s birthday celebration. While your milestone in years was deserving of a celebration, dealing with the $1900 in creditcard charges will require some planing. Your credit card statement fists the APR (Annual Percentage Rate) for your balance to be 13.5%. /This i the yearly Interest rate the credit card company uses in calculating interest due on your balance. The cesit card company compounds interest monthly. Your monthly interest rate on credit card charges will be: 1 AROS gprs = ely 2 Ln — ‘The minimum payment required by your credit card company i §25/month, assuring that you donot ts otf ‘charges to your account, answer the following questions to help you determine the best plan for paying off card debt. 2 Tobin wh let's check out te plan con ppg the minimum amcut de ech month To ge fel rho will the | Finish | in the following table using the ithly payment x ‘his wilt the Balance, Fah ling aut te place 5 : Missa Eee ectlly Atel & Ug wally oid Galena «[o-0u2s) < uAlycluast nat i¢the total amount that been paid to de cred Card copay a the ee tthe fet year? fas.00 x 32-9 = 300 | How much of the orginal balance has been paid off at the end of the fist year? 4 9900.00 - 1253.9) =@ 46.29Math 1050 Credit Card Debt Assignment Ne Me ye 2 Aormula for calculating the payment, P required to pay off debt of amount Din Mf months with monthiy fnterest rate 1 yes 114i" Using this formula, solve for M to determine the number of months it wil take to pay off the $2900 credit card ae ‘with minimums monthly payments of $25. Round the number of months to two decimal places, (Attach all work FoF Assignment tothe end) ie (- 190Co.0N28), \\ ) (4 (- Heaco-oune), ) 2. G4 months © = 1 Us o-on2s) ow lanes this in years rounded to the nearest tenn ofa yar? 432-61. ha; \ ZEE e144 years) What is the total amount patd to the credit card company, rounded to the 192.61 «25 = 4,215, dloas) 4. How many months willbe required to payoff the debtf you pay $30 exch month? Round to two decimal places goof ones) _ a re Ine eter 48) os noise cH; e wel) sty 3-00%S _— -lw L+o 02S) Howton ith in ers, unde the nares tonto year? HO.96 = [4.2 yeors ) nat the ttl amount ald othe ret card company, rounded tothe nearest dolar? 49.96 x's <4 349940 dels | 4 How many moth il breast ay cf the deb if you pay $75 each mom? Round two decal places wl au “=n (140.0125) oe STR 2 Fase ae ‘How long is this in years, rounded to the nearest tenth, of ayear? 9. Fy 29223 yen) What mn "iste totam ato the creditcard company, rounded tothe nearest dollar? » 29-994 495 Foai9 sh Wee.Math 1050 Creait Card Debt Assignment 5. Now large would your monthly payment have o bein ere 10 payoff our debtin 12 months? Round upto the next nearest cet a =. er, Pz 4A8©(o.ours) _)¥ L765 | i Felis cous) | “———_—> What i the total amount paid to the creditcard company, rounded to the nearest doles? S30 Wx 12 J ronz.x | 6. What is the best plan for paying off the $100? Why? i a Ferm, The bell plam wth wont paicle|f i 12 mnitls. fe Terk Uns Lee, belay Than the ater beconse Yu don'T poy trot vol on cterests & wort plan? fi ae ales phe ou What you’ only Wake warn a of #28. IT to becmnse yee pay emaene livestsy wren Unean genet Lakauie IT io womels jlewtr tee . \What should you do you cannot aflrd to make the payments required by the best plan? LT weld coy That payins as mud an yo cam offerel ovary worl Wil] Wb seed - 7 What ae two tins tit the average consumer can ean by completing this asignment? t T j ; Ee gH les a at Des Wir, wats wreke- we git bi olbt. pelscifs oe Ped LersT ud Dal paras pe ee Ths tales yu J Mace pl | TUT Conger in dts, ate