Using the prompt below, answer the following questions in complete sentences. Make sure your answers are in money amounts.
You just rented your first apartment, and while you had a lot of stuff given to you, there are a few things you need to buy: a TV, a desk, and a TV stand. After paying for the deposit and the movers, you don’t have much money left, so you want to make your purchases with a credit card. You decide to use a credit card with a $2,000 credit limit, a 2% minimum payment, and a 19.9% APR.
Start by doing some research to find how much you would need to spend on your three items, then once you complete the payment process with the first credit card, you will then complete it a second time with a different credit card answering the same questions. Once you are done, it is time to compare.
If you only make the minimum payments and avoid any additional purchases, what will the remaining balance be at the end of the year?
How much would you have paid over the year using the first credit card? How much would you still have left to pay? What percent of the original balance would not have been paid?
How much would you have paid over the year using the second credit card? How much would you still have left to pay? What percent of the original balance would not have been paid?
Compare the advantages and disadvantages of each card. Which credit card is the better option if you only care about how much you have already paid? Which card is the better option if you only care about the remaining balance?
Given what you have discovered from these two credit cards, what kind of effects do the minimum payment percentage and APR play on the amount of time it takes to pay off a credit card?
Be sure to answer all of the questions in complete sentences.
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Using the prompt below, answer the following questions in complete sentences. Make sure your answers...
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