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Q: Type in \$5,000 for “What is your credit card balance?” o Type in \$150 for “What fixed payment could you make each month?” What is your credit card balance? \$ What is the interest rate on your
credit card? 1% 2% 3% 4% 5% 5.9% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% 26% 27% 28% 29% 30% 31% 32% 33% 34% How is your minimum payment calculated? Interest + 1% of balance 2% 2.08% 2.5% 2.78% 3.0% 3.5% 4% 4.5% 5% Your minimum payment: \$ What fixed payment could you make each month? \$ Select a payment schedule based on: Minimum payment Fixed payment It will take you 273 months to be rid of your debt. In that time, you will pay \$6,923.14 in interest. Month Minimum Payment Interest Paid Principal Paid Remaining Balance 1 \$125.00 \$75.00 \$50.00 \$4950.00 2 \$123.75 \$74.25 \$49.50 \$4900.50 3 \$122.51 \$73.51 \$49.00 \$4851.50 4 \$121.29 \$72.77 \$48.52 \$4802.98 5 \$120.07 \$72.04 \$48.03 \$4754.95 6 \$118.87 \$71.32 \$47.55 \$4707.40 7 \$117.68 \$70.61 \$47.07 \$4660.33 8 \$116.50 \$69.90 \$46.60 \$4613.73 9 \$115.35 \$69.21 \$46.14 \$4567.59 10 \$114.19 \$68.51 \$45.68 \$4521.91 11 \$113.05 \$67.83 \$45.22 \$4476.69 12 \$111.92 \$67.15 \$44.77 \$4431.92 13 \$110.80 \$66.48 \$44.32 \$4387.60 14 \$109.69 \$65.81 \$43.88 \$4343.72 15 \$108.60 \$65.16 \$43.44 \$4300.28 16 \$107.50 \$64.50 \$43.00 \$4257.28 17 \$106.43 \$63.86 \$42.57 \$4214.71 18 \$105.37 \$63.22 \$42.15 \$4172.56 19 \$104.32 \$62.59 \$41.73 \$4130.83 20 \$103.27 \$61.96 \$41.31 \$4089.52 21 \$102.24 \$61.34 \$40.90 \$4048.62 22 o Do you think it is better to pay only the minimum payment or pay the higher monthly amount? Explain why
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Asked 10/11/2010 11:48:53 AM
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