Context 6 - Credit Cards 2
star
star
star
star
star
Last updated over 1 year ago
21 questions
Note from the author:
MMR Resources
1
Using the $150 fixed payment, 5,934 balance, and 20% interest rate, how many months would it take to pay off the credit card?
Using the $150 fixed payment, 5,934 balance, and 20% interest rate, how many months would it take to pay off the credit card?
1
How much money would you pay in total interest?
How much money would you pay in total interest?
1
What percentage of your original balance is this amount?Hint: Divide the interest by the total original balance.Round your answer to the nearest whole percent like 43%
What percentage of your original balance is this amount?
Hint: Divide the interest by the total original balance.
Round your answer to the nearest whole percent like 43%
1
How much did you spend in total by using a credit card?
How much did you spend in total by using a credit card?
1
Click on "Create Payoff Amortization Schedule". Calculate the interest to payment ratio for the first month.To do this, divide the interest by the total payment.Enter your answer as a percent rounded to 1 decimal point like 23.4%
Click on "Create Payoff Amortization Schedule". Calculate the interest to payment ratio for the first month.
To do this, divide the interest by the total payment.
Enter your answer as a percent rounded to 1 decimal point like 23.4%
1
Click on "Create Payoff Amortization Schedule". Calculate the interest to payment ratio for the 15th month.To do this, divide the interest by the total payment.Enter your answer as a percent rounded to 1 decimal point like 23.4%
Click on "Create Payoff Amortization Schedule". Calculate the interest to payment ratio for the 15th month.
To do this, divide the interest by the total payment.
Enter your answer as a percent rounded to 1 decimal point like 23.4%
1
Click on "Create Payoff Amortization Schedule". Calculate the interest to payment ratio for the 30th month.To do this, divide the interest by the total payment.Enter your answer as a percent rounded to 1 decimal point like 23.4%
Click on "Create Payoff Amortization Schedule". Calculate the interest to payment ratio for the 30th month.
To do this, divide the interest by the total payment.
Enter your answer as a percent rounded to 1 decimal point like 23.4%
1
Is the interest to payment ratio constant throughout the table? Why do you think that it is?
Is the interest to payment ratio constant throughout the table? Why do you think that it is?
1
After how many months does more of your payment go towards the principal instead of the interest?
After how many months does more of your payment go towards the principal instead of the interest?
1
If you paid $300 every month, how many months would it take you to pay off your credit card? (Assuming you don’t add any more debt to your credit card.)
If you paid $300 every month, how many months would it take you to pay off your credit card? (Assuming you don’t add any more debt to your credit card.)
1
How much money would you pay in total interest?
How much money would you pay in total interest?
1
What percentage of your original balance is this amount?Round your answer to the nearest percent like 43%
What percentage of your original balance is this amount?
Round your answer to the nearest percent like 43%
1
How much did you spend in total by using a credit card?
How much did you spend in total by using a credit card?
1
After how many months does more of your payment go towards the principal instead of the interest?
After how many months does more of your payment go towards the principal instead of the interest?
1
If you paid $500 every month, how many months would it take you to pay off your credit card? (Assuming you don’t add any more debt to your credit card.)
If you paid $500 every month, how many months would it take you to pay off your credit card? (Assuming you don’t add any more debt to your credit card.)
1
How much money would you pay in total interest?
How much money would you pay in total interest?
1
What percentage of your original balance is this amount?Enter your answer rounded to the nearest whole percent like 43%
What percentage of your original balance is this amount?
Enter your answer rounded to the nearest whole percent like 43%
1
How much did you spend in total by using a credit card?
How much did you spend in total by using a credit card?
1
Scroll down and look at the amortization table. After how many months does more of your payment go towards the principal instead of the interest?
Scroll down and look at the amortization table. After how many months does more of your payment go towards the principal instead of the interest?
1
Give at least two reasons for why people might not pay more than the minimum required payment each month.
Give at least two reasons for why people might not pay more than the minimum required payment each month.
1
Choose one of your reasons from #20. Give advice to someone who might plan to make minimum payments. Back up your advice with mathematics
Choose one of your reasons from #20. Give advice to someone who might plan to make minimum payments. Back up your advice with mathematics