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5. Examine a credit card bill (or other revolving debt) and see how long it will take to pay off your debt if you paid only the minimum payments.

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What is the minimum monthly payment? Place your answer here

!!!First, remember you are using an APR of 15.53%!!!

I hate credit cards and absolutely refuse to sign up for one, but my lust for travel has always been present. I’ve often thought of signing up for cards for a quick 50,000 points to take a free flight, but for me the costs don’t outweigh the rewards. Now, before you go off on me and say it’s just about being responsible, I get it. But they’re not for me. So, I’ve spent the last few years figuring out the best ways to get all the airline miles I need every year to maintain status on two airlines, Delta and Southwest, without opening a single credit card.

What is the balance? Place your answer here

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What is the amount of interest per month? Formula: (APR*principal)/12 Place your answer here

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2. Considering the minimum payment you just calculated, determine the amount of interest and the amount that was applied to reduce the principal. Hint: You’ll need to find the total interest for the year first.

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3. Consider one of your credit cards. What is the balance? How is the minimum monthly payment determined? What would be the minimum payment? How much of the minimum payment goes towards interest? How much of the minimum payment goes towards the principal? If you do not want to share an actual balance or do not have a credit card, calculate these amounts using an imaginary credit card balance.

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4. Now, examine the terms of one of your credit cards or other revolving debt. Are there other charges that the credit card company is applying to your account? Are you receiving a special rate for a limited time? Does your card charge an annual service charge or an inactivity fee?

What is the amount applied to reduce the principal? Place your answer here

3. Complete an Intake Interview.

Credit card debt is a reality for many in today’s world. Suppose that you had a $5,270.00 balance on a credit card with an annual percentage rate (APR) of 15.53 percent. Consider the following questions and prepare a report based upon your conclusions. This report must be submitted as a Word document and attachment to the M3: Assignment 2 Dropbox. Consider the following questions and prepare a report based upon your conclusions. Your report should be created as a Word document, but you are encouraged to create graphs and charts (which can be made in Excel and copied to the Word document) to illustrate your points. Remember: make sure you explain what the charts and/or graphs mean; do not assume the reader understands what they mean.

How is the minimum monthly payment determined? Example: 2% of the principal Place your answer here

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6. Many Americans find themselves amassing large amounts of credit card (or other revolving) debt at an early age. What advice concerning the use of credit cards and the fees they charge would you provide to a young adult planning on getting a credit card?

How much of the minimum monthly payment goes towards interest?Place your answer here

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Where you see the words “Please show your work here” – please show all calculations and explanations that helped you to reach your final answer.