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Credit Card Payment Assignment
Directions
Please complete the following assessment regarding credit card payments. Click on the image to the right to access the credit card payment calculator. You will need to use the calculator for each question. I personally believe you should never pay a single penny of interest on your credit cards. This means you should pay off your full balance every month. One Sallie Mae study shows that over 90% of students in college have at least one credit card. The average credit card debt of a graduating senior is over $4,000.
Name (Last, First):
*
1. After reading the directions for this assignment, which statement best reflects the percentage of college students who carry a credit card?
*
over 30%
over 50%
over 70%
over 90%
2. After reading the directions for this assignment, which statement best reflects the amount of credit card debt a graduating college senior has?
*
over $1,000
over $2,000
over $3,000
over $4,000
3. Using the spendster credit card payment calculator, answer the following question. You have $4,000 in credit card debt with an APR of 18%. You are required to pay atleast 4% of your balance each month, but no less than $10. You don't want to skip your December payment and you don't want to pay extra a month. How many years will it take to pay off your $4,000 balance?
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10 years
10.8 years
11.8 years
12.8 years
4. After answering the previous question, how much interest will you have paid during that period?
*
$1,514
$2,188
$2,316
$3,789
5. You do not need to use the spendster calculator for this question. Assuming you make a $4,000 purchase and you pay $2,100 in interest over a period of time to pay off your credit card, what percent did you pay in interest in comparison to the original purchase?
*
30%
45.5%
52.5%
60%
6. Using the spendster credit card payment calculator, answer the following question. You have $7,000 in credit card debt with an APR of 24%. You are required to pay atleast 4% of your balance each month, but no less than $10. You don't want to skip your December payment and you don't want to pay extra a month. How many years will it take to pay off your $7,000 balance?
*
15 years
16.1 years
16.7 years
17.8 years
7. After answering the previous question, how much interest will you have paid during that period?
*
$6,850
$7,000
$7,250
$8,000
8. If you pay off a $1,000 credit card purchase during the grace period in the first month. How much interest do you pay on that purchase if your credit card has an APR of 22%?
*
$0
$18.33
$22
$220
9. Using the spendster credit card payment calculator, answer the following question. You make a small $200 credit card purchase with an APR of 24%. You are required to pay atleast 4% of your balance each month, but no less than $10. You don't want to skip your December payment and you don't want to pay extra a month. How many more months will it take to pay off your $200 balance?
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22 months
26 months
29 months
32 months
10. After answering the previous question, how much interest will you have paid during that period?
*
$64
$67
$58
$72
Submit