Can you please answer the questions below.

11:56 PM Wed Jun 2 H hwcdsbelearningontarioca 1. How much interest is saved: (3 marks) a) if we make an additional $10 payment over the paying the minimum monthly payment? b) if we make an additional $20 payment over the paying the minimum monthly payment? 0) if we make an additional $40 payment over the paying the minimum monthly payment? 2. Based on what you have seen, try to imagine that you are talking to a friend and that you are trying to convince them to pay more than the minimum monthly payment. What things would you say to help convince your friend? (3 marks) 3. Credit limits are the maximum you are allowed to owe on the card at any one time. You can request a credit limit increase. If you do: (4 marks) a) Why would the credit card company be eager to issue the increase? 11:56 PM Wed Jun 2 H hwcdsbelearningontarioca 3. Credit limits are the maximum you are allowed to owe on the card at any one time. You can request a credit limit increase. If you do: (4 marks) a) Why would the credit card company be eager to issue the increase? b) Why would they check to see if you owe money on other loans/ cards before giving you the increase? 4. Submit/attach poster, Credit card usage/ Payday Loans. (6 marks) Criteria Mark 0 1 2 Creativity 0 l 2 Information 0 1 2 Layout/ mechanic 0 1 2 11:56 PM Wed Jun 2 18% hwedsb.elearningontario.ca Use the Credit Card Payment Calculator Tool on the Financial Consumer Agency of Canada to complete your comparison of the options below. Case Study Let's imagine that you have received your credit card bill and that you have a balance of $2000 owing on your credit card. The interest rate is 19.9%. Complete the table below for each payment option by noting: . the time it takes you to pay off the $2000 balance . how much interest in total you pay . the total amount that you paid (balance plus interest) If you need some help using the Calculator Tool, view this video. > Minimum Minimum Minimum Minimum monthly monthly monthly monthly payment of $10 payment of $10 payment of $10 payment of $10 plus $10 plus $20 plus $40 Time to pay off the balance Interest paid Total amount paid (12 marks) Answer the following questions based on the investigation. 1. How much interest is saved: (3 marks) a) if we make an additional $10 payment over the paying the minimum monthly payment? b) if we make an additional $20 payment over the paying the minimum monthly payment