In his senior year, Jack took a spring break trip to Daytona Beach with his friends. He had not saved up for the trip, so he financed it with his brand new credit card. He had the time of his life, spending money without thinking of how he was going to pay for it: jet skiing, parasailing, lavish evenings out, and a tattoo. The following month, he was shocked when he checked his credit card statement and saw that his charges came to a total of $2,700. Jack is in no position to pay off this debt. He has been paying the $120 minimum payment each month. The card's interest rate is 21% APR. Although he has barely used his card, the balance seems to be growing. For Jack, this credit card has come to symbolize his spring break week in Florida: out of control. On top of the credit card, Jack is ready to graduate, and he will have to start making payments on his student loans in six months. He had four different federal student loans over the course of his undergraduate years, all at different interest rates. He is considering taking graduate classes as one option to defer payment of his student loans. A summary of the housemates' goals can be found in the first Continuing Case problem in Chapter 1. 1. Given his situation, what advice do you have for Jack regarding his credit card debt? 2. What advice do you have for Jack regarding his student loans? In his senior year, Jack took a spring break trip to Daytona Beach with his friends. He had not saved up for the trip, so he financed it with his brand new credit card. He had the time of his life, spending money without thinking of how he was going to pay for it: jet skiing, parasailing, lavish evenings out, and a tattoo. The following month, he was shocked when he checked his credit card statement and saw that his charges came to a total of $2,700. Jack is in no position to pay off this debt. He has been paying the $120 minimum payment each month. The card's interest rate is 21% APR. Although he has barely used his card, the balance seems to be growing. For Jack, this credit card has come to symbolize his spring break week in Florida: out of control. On top of the credit card, Jack is ready to graduate, and he will have to start making payments on his student loans in six months. He had four different federal student loans over the course of his undergraduate years, all at different interest rates. He is considering taking graduate classes as one option to defer payment of his student loans. A summary of the housemates' goals can be found in the first Continuing Case problem in Chapter 1. 1. Given his situation, what advice do you have for Jack regarding his credit card debt? 2. What advice do you have for Jack regarding his student loans