Name:_________________________________________Block______ You will purchase 10 items that you have wanted for a while. These items look so great in your house, in your closet, or you just took the best vacation of your life! But… WHAT IS THE REAL COST OF WHAT YOU PURCHASED? All of these items that you bought; you paid for with a credit card. That credit card means you used money you did not have in order to make a purchase. You basically borrowed money from someone else to make these items your own. So guess what…you owe them back the money, PLUS INTEREST!  Answer the following questions about your total items purchased.

1. List 10 items that you would purchase? What is the total cost?

2. If the interest you owe was compounded monthly at 21.99% for 5 years, how much do you owe to the bank?

3. If your minimum monthly payment was 2% of the total balance, what would your minimum monthly payment be?

4. If you could only afford \$100 per month to pay off the bill, would you be able to make the payments?

5. If you could do it all again, what would you do different? Do you think this could happen in real life?

IMPORTANT REAL INFORMATION!!! 6. Studies show that the average American has \$4,878 in credit card debt with an average interest rate of 12.78% compounded monthly. If it took the average American 20 years to pay off their debt how much would they be paying total?

7.

Take the total amount you found in answer 5, and multiply it by 176.8 million. Yep, that’s the number of people that have credit cards in the US. (That’s a lot of plastic) What is the total debt of the nation in credit card debt alone?

8. How does your value compare the national average? What can you do to change this? How will you think when you use plastic next time? Did you ever think this situation was even out there? (Tell me your thoughts, feelings, explanations. Also, tell me what you learned from this small project.)

## Credit Card Compound Interest Investigation.pdf

There was a problem previewing this document. Retrying... Download. Connect more apps... Try one of the apps below to open or edit this item. Credit Card ...

#### Recommend Documents

Compound Interest Tables.pdf

Compound Interest-www.edubuzz360.in.pdf
www.edubuzz360.in. Page 3 of 10. Compound Interest-www.edubuzz360.in.pdf. Compound Interest-www.edubuzz360.in.pdf. Open. Extract. Open with. Sign In.

The Number and Compound Interest
So I expect my money âmultiply" by the factor in the square brackets which is about 1.43 which is not quite 1 times. The quantity is significant because it always acts as the multiplier of your. 1. 2. Ð " 3Ð¡8 money (or mine!). We will next show ho

Credit Card IQ? - TheMint.org
Credit cards are handy pieces of plastic. Just swipe them through a slot in a machine â or enter your credit card number online or by phone. The item you want to ...

theeconomiccollapseblog.com-Credit Card Companies Specifically ...
theeconomiccollapseblog.com-Credit Card Companies ... Less Educated And Less Sophisticated Americans.pdf. theeconomiccollapseblog.com-Credit Card ...

credit card template-10.13.10 - Icmp
INITIALS: ______. TYPE OF CARD: VISA. MASTERCARD. AMERICAN EXPRESS. CREDIT CARD NUMBER: XXXX - XXXX - XXXX - ______(Please fill out the last 4-Digits Only). (Attach the Credit Card Information Slip Sheet). EXPIRATION DATE (Mo/Yr): ______/___

Credit Card Policy.pdf
report or not properly allowed following a post audit shall be paid by the employee by. check, U.S. currency, or salary deduction. â¢ If, for any reason, disallowed ...

Credit Card Flyer.pdf

CREDIT CARD FORM.pdf
Expiration Date: ______/______. Your order will be processed securely through Paypal. Page 1 of 1. CREDIT CARD FORM.pdf. CREDIT CARD FORM.pdf.

Credit Card Information.pdf
There was a problem previewing this document. Retrying... Download. Connect more apps... Try one of the apps below to open or edit this item. Credit Card ...

credit card form.pdf
There was a problem previewing this document. Retrying... Download. Connect more apps... Try one of the apps below to open or edit this item. credit card form.

simple interestand compound interest by learning addaa team.pdf ...
simple interestand compound interest by learning addaa team.pdf. simple interestand compound interest by learning addaa team.pdf. Open. Extract. Open with.

3.1 Compound Interest WS 2017.pdf
Page 2 of 2. 3.1 Compound Interest WS 2017.pdf. 3.1 Compound Interest WS 2017.pdf. Open. Extract. Open with. Sign In. Main menu. Displaying 3.1 Compound ...

timeline of the discoveries of the elements - Compound Interest

GAP 16 Credit Card Form.pdf
GAP 16 Credit Card Form.pdf. GAP 16 Credit Card Form.pdf. Open. Extract. Open with. Sign In. Main menu. Displaying GAP 16 Credit Card Form.pdf.

Current Credit Card Information.pdf
There was a problem previewing this document. Retrying... Download. Connect more apps... Try one of the apps below to open or edit this item. Current Credit ...

Credit Card Payment Form.pdf
Credit Card Payment Form.pdf. Credit Card Payment Form.pdf. Open. Extract. Open with. Sign In. Main menu. Displaying Credit Card Payment Form.pdf.

Credit Card Approval form.pdf