FP 100 Week 3 worksheet

   The Cost of Trustworthiness Card Habit Worksheet Review Ch. 5 of Focus on Peculiar Finance, your Week 3 Khan Academy Video, and your iGrad Trustworthiness Card Module for buttress in completing this assignment.  1. Calculate the aftercited using the Bankrate calculator. You may use the Bankrate calculator for the remnant of the scrutinys on this worksheet.      Credit Card Balance Interest Rate Minimum/Fixed Payment Number of Months to Pay in Full Total Curiosity-behalf Paid   Impact   of Curiosity-behalf Rates   $5,000 13% Minimum   (interest+1% of neutralize) 261 $4938.46   $5,000 18% Minimum   (interest+1% of neutralize) 273 $6923.09   Impact   of Reimbursement Amounts   $2,000 15% Minimum   (interest+1% of neutralize) 175 $1979.20   $2,000 15% Fixed $100 24 $315.89 2. In the “Impact of Curiosity-behalf Rates” illustration, a 5% curiosity-behalf rate dissent results in how ample extra curiosity-behalf hired when making simply a required restriction monthly reimbursement correspondent to the monthly curiosity-behalf, plus 1% of the ungathered neutralize?  3. In the “Impact of Reimbursement Amounts” illustration, how ample aggregate curiosity-behalf would you spare by making a unroving reimbursement of $100 per month instead of the required restriction reimbursement correspondent to the monthly curiosity-behalf, plus 1% of the ungathered neutralize? $1663.31 4. How ample quicker would you be efficient to pay off the $2,000 trustworthiness card neutralize by making a unroving reimbursement of $100 each month instead of the required restriction reimbursement? 151 months faster, it would be hired off in normal 2 years defect aggravate 14 years. 5. Assume you bear a acquaintance who is making the restriction monthly reimbursements on a trustworthiness card. Your acquaintance asks your thoughts on what he or she is doing. Based on these calculations and what you bear literary, how would you warn your acquaintance encircling making simply restriction reimbursements? Your solution should be at last 100 tone.  6. The chart over looks at paying off a trustworthiness card neutralize and assumes you gain not be using it timeliness paying it down. In these restriction reimbursement illustrations the neutralize decreases by simply 1% each month. Most of us gain use trustworthiness cards throughout the year, and that instrument we may push a neutralize gone-by the condescension date. Assuming you were involved to pay off the neutralize timeliness calm?} using the card, what actions must you admit? Your solution should be at last 100 tone. 7. What recommendations would you form in commendations to rightly managing trustworthiness card habit and reciprocation? Your solution should be at last 100 tone. Choosing Between Trustworthiness Card Options Review the Schumer Box knowledge supposing underneath for two trustworthiness card options, and then reply the scrutiny that follows.    CARD DISCLOSURES   Credit Card Option A Credit Card Option B   Annual   Percentage Rate (APR) for Purchases and Transfers 24.99%, variable 13.24%, variable   APR for   Cash Advances 24.99%, variable 23.24%, variable   Annual Fee $0 $59   Transfer   Fee 3% of neutralize transferred $0   Grace   Period 20 days 25 days   Late   Payment Fee $25 $35   Rewards   Program No Yes 8. Which one of these two card options would you elect for your peculiar use? Provide buttress for your determination, regarding which three attributes are most significant to you and trade-offs that you are gaining to sanction. Your solution should be at last 100 tone.