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2 pages/≈550 words
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APA
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Literature & Language
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# Economics: The Cost of Credit Card Usage Worksheet (Coursework Sample)

Instructions:

The Cost of Credit Card Usage Worksheet

Review Ch. 5 of Focus on Personal Finance, your Week 3 Khan Academy Video, and your iGrad Credit Card Module for support in completing this assignment.

Calculate the following using the Bankrate calculator. You may use the Bankrate calculator for the remainder of the questions on this worksheet.

In the “Impact of Interest Rates” example, a 5% interest rate difference results in how much extra interest paid when making only a required minimum monthly payment equal to the monthly interest, plus 1% of the outstanding balance?

In the “Impact of Payment Amounts” example, how much total interest would you save by making a fixed payment of \$100 per month instead of the required minimum payment equal to the monthly interest, plus 1% of the outstanding balance?

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Content:

University of Phoenix Material
The Cost of Credit Card Usage Worksheet
Review Ch. 5 of Focus on Personal Finance, your Week 3 Khan Academy Video, and your iGrad Credit Card Module for support in completing this assignment.
Calculate the following using the  HYPERLINK "http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx" Bank rate calculator. You may use the Bankrate calculator for the remainder of the questions on this worksheet.
Credit Card BalanceInterest RateMinimum/Fixed PaymentNumber of Months to Pay in FullTotal Interest PaidImpact of Interest Rates\$5,00013%Minimum (interest+1% of balance)261\$4,938.39\$5,00018%Minimum (interest+1% of balance)273\$6,923.14Impact of Payment Amounts\$2,00015%Minimum (interest+1% of balance)175\$1,979.25\$2,00015%Fixed \$10024\$315.89
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