Credit Card Comparison
Summary
For this project we looked at three different credit cards and compared the different Annual Percent Interest Rate (APR) and other aspects of a card that dictates the appeal of a credit card. We also looked at three different scenarios. One was the worst case scenario where they person did everything you could do wrong to get deep into to debt. The next was a more realistic scenario and the person made some mistakes but also did some things right. Lastly we looked at an ideal scenario where the person did everything right and use a credit card with out having any debt. For each scenario we used real numbers from the three different credit cards. I looked at a Discovery Card, Helen looked at a Master Card, and Jessie looked at a VISA Card.
Informative Visual
The link below will take you to the Prezi presentation we made!
Example Problem
Shane charges $4,000 to his credit card. His minimum payment is 4% and his APR is
12%. How many months will it take to his
balance down to $100? Use the equation below.
Balance=Principle((1-Minimum Monthly Payment)(1+(APR/12))^Number of Months
Solving:
100=4,000 ((1-.04)(1+(.12/12)))X
.025= (.9696)X
log.9696.025=X
X=119.49 months
College Tuition Project
Summary
In this project we had to chose two colleges and look at their tuition rates over the last 10 years. I chose on instate and one out of state. We used linear equations to predict the tuition rates the four years we would be attending college. The instate was predictably less expensive. Once we had how much it would cost to go to both school for four years we looked at student loans and loan repayment plans. We had to chose a repayment plan that we think would best suit us based on the monthly payments and how long it would take to repay your loan with that plan. After we chose a repayment plan for each, we than compared and contrasted the two colleges.
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