Month Balance 1 $500.00 Finance Charge New Balance S50666 Minimum Payment Ending Balance 511 66 $495.00 2 5495.00 10 12 Principal paid with one year of minimum payments: Total Amount of finance charges paid in one year (don't forget the annual feel) which credit card is the better option and why? Are there any factors that you should consider other than the amount of fees you are paying to the credit card company? Write 2-3 sentences with your thoughts. Option 2: Mastercard with $65 annual fee and 15.99% APR (1.3325% per month) For comparison purposes, assume you will have $500 balance and only make the minimum payment each month for 1 year. Remember, minimum payment is Finance Charge on that month's balance plus 1% of balance. Complete the following amortization tables to help you analyze the options. Round ALL dollar amounts at each step of the project to the nearest cent. Option 2: Mastercard with $65 annual fee and 15.99% APR (1.3325% per month) For comparison purposes, assume you will have $500 balance and only make the minimum payment each month for 1 year. Remember, minimum payment is Finance Charge on that month's balance plus 1% of balance. Complete the following amortization tables to help you analyze the options. Round ALL dollar amounts at each step of the project to the nearest cent Option 2: Month Balance 1 $500.00 Finance Charge New Balance $6.66 $506.66 Minimum Payment Ending Balance $11.66 $495.00 2 $495.00 3 4 5 6 7 8 9 10 11 12 Principal paid with one year of minimum payments: Total Amount of finance charges paid in one year (don't forget the annual feel); Which credit card is the better option and why? Are there any factors that you should consider other than the amount of fees you are paying to the credit card company? Write 2-3 sentences with your thoughts. Month Balance 1 $500.00 Finance Charge New Balance S50666 Minimum Payment Ending Balance 511 66 $495.00 2 5495.00 10 12 Principal paid with one year of minimum payments: Total Amount of finance charges paid in one year (don't forget the annual feel) which credit card is the better option and why? Are there any factors that you should consider other than the amount of fees you are paying to the credit card company? Write 2-3 sentences with your thoughts. Option 2: Mastercard with $65 annual fee and 15.99% APR (1.3325% per month) For comparison purposes, assume you will have $500 balance and only make the minimum payment each month for 1 year. Remember, minimum payment is Finance Charge on that month's balance plus 1% of balance. Complete the following amortization tables to help you analyze the options. Round ALL dollar amounts at each step of the project to the nearest cent. Option 2: Mastercard with $65 annual fee and 15.99% APR (1.3325% per month) For comparison purposes, assume you will have $500 balance and only make the minimum payment each month for 1 year. Remember, minimum payment is Finance Charge on that month's balance plus 1% of balance. Complete the following amortization tables to help you analyze the options. Round ALL dollar amounts at each step of the project to the nearest cent Option 2: Month Balance 1 $500.00 Finance Charge New Balance $6.66 $506.66 Minimum Payment Ending Balance $11.66 $495.00 2 $495.00 3 4 5 6 7 8 9 10 11 12 Principal paid with one year of minimum payments: Total Amount of finance charges paid in one year (don't forget the annual feel); Which credit card is the better option and why? Are there any factors that you should consider other than the amount of fees you are paying to the credit card company? Write 2-3 sentences with your thoughts
