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Home › Mathematics Help › If I had a credit card balance of $11,500, with a yearly ...
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If I had a credit card balance of $11,500, with a yearly interest rate of 18%, and only made the minimum payment of $200 each month, it would take me 11.11 years to get to $0, so long as I didn’t have any additional charges. Paying the minimum would cost me $15,300 in interest. If I wanted to pay that $11,500 off in just 2 years, my monthly payment would have to be $574.13. That would save on interest, but probably make my monthly payment unsustainable. However, if I add just an extra $100 to my payment each month, so I’m paying $300 a month on my balance of $11,500, it will not get it paid off in 2 years, but I will get it payed off in 4.79 years, as opposed to 11.11 years. That extra $100 a month would allow me to pay off my debt 6.32 years earlier and would save me over $9,000 in interest. That would be a realistic compromise.

Date Posted: 05/04/2019
Category: Mathematics
Due Date: 06/04/2019
Instruction
As a basis for your essay, make at least one calculation that illustrates the scenario that you choose. If you wish, you can make more than one calculation. Scenario A: Paying the minimum payment on a credit card versus paying extra to get the credit card paid off early. Choose a credit card balance between $5,000 and $15,000 to do your calculations, using an 18% APR. Access the “Credit Card and Compound Interest Worksheet" and first use Part 1) Determine the number of years of payments needed based on the credit card debt, interest rate, and payments size, then use Part 2) Determine a payment based on credit card debt, interest rate, and number of years until paid off.Use Parts 1 and 2 to perform the following calculations: Calculate how long it would take to pay off the credit card balance paying only the minimum payment. Choose an amount of time between 2 and 10 years and calculate the monthly payment required to pay off the credit card balance in that amount of time. Choose any amount over the minimum monthly payment and determine how long it would take to pay off the credit balance. Address the following questions in your essay: Do you think credit cards are a wise way to pay for things? Do you think credit cards are necessary? What would keep you from paying extra on the credit card? What would it mean to you to be able to pay the credit card off early? What would you be willing to give up or do to do be able to pay extra on the credit?
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    User_3482 | Apr 07, 2019, 11:38 AM
  • I sent you a work sheet to the numbers in there to do some Calculation it just wasn’t suppose to be just a essy
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    User_3482 | Apr 07, 2019, 22:55 PM
  • There’s a worksheet I uploaded and the numbers have to go in it like that and calaculated
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