Question #4 only

You Make a Minimum Monthly Payment of 2% of the Billed Remaining You charged this amount on a credit card. --> The bill arrives and you make the 2% minimum payment. End of( Month Balance Plus Interest Applied to the Amount of Outstanding Balance (Outstanding) Billed Amount For This Month Amount Next month's bill $9800+ interest on the outstanding balance.2 $ 10,000.00 5 10,000.00 200.00 9,800.00 9,740.06 9,680.48 $ 138.83 $ 9,938.83 198. 13798 $ 9,878.04$197.56 13714 $ 3,817.62$196.35 When you are finished with the table, answer the following questions. 1. 2. 3. 4. How many years did it take to pay off this debt? How much did you actually pay for this furniture? How much interest did you pay? Th ere are times when everyone needs to borrow money. Assuming that the loan was necessary, identify at least 2 strategies that would have helped lower the total amount paid for this furniture. Suppose you HAD decided to add more charges to the credit card before or even while trying to pay off this furniture purchase? Copy the first few lines of your existing work onto a second worksheet and experiment by adding what you think is a typical monthly expenditure (and it does not have to be the same amount each month). What observations can be made? 5. Plus Interest Applied to the Amount of You Makea Minimum Monthly Plus this Month's Billed Amount For Payment of2%of the Billed Amount Remaining End of (Outstanding) Outstanding Credit Card Month # Balance This Month 10,000.00 200.00 10,000.00 $ 206.7 400.00 $ 10,338.3 $ 400.00 $ 10,675.59 $ You charged this amount on a credit card. ..> the bill arrives and you make the 2% minimum payment. ) Next month's bill $9800+ interest on the outstanding balance. 2$ 9,800.00 $138.83 $ You Make a Minimum Monthly Payment of 2% of the Billed Remaining You charged this amount on a credit card. --> The bill arrives and you make the 2% minimum payment. End of( Month Balance Plus Interest Applied to the Amount of Outstanding Balance (Outstanding) Billed Amount For This Month Amount Next month's bill $9800+ interest on the outstanding balance.2 $ 10,000.00 5 10,000.00 200.00 9,800.00 9,740.06 9,680.48 $ 138.83 $ 9,938.83 198. 13798 $ 9,878.04$197.56 13714 $ 3,817.62$196.35 When you are finished with the table, answer the following questions. 1. 2. 3. 4. How many years did it take to pay off this debt? How much did you actually pay for this furniture? How much interest did you pay? Th ere are times when everyone needs to borrow money. Assuming that the loan was necessary, identify at least 2 strategies that would have helped lower the total amount paid for this furniture. Suppose you HAD decided to add more charges to the credit card before or even while trying to pay off this furniture purchase? Copy the first few lines of your existing work onto a second worksheet and experiment by adding what you think is a typical monthly expenditure (and it does not have to be the same amount each month). What observations can be made? 5. Plus Interest Applied to the Amount of You Makea Minimum Monthly Plus this Month's Billed Amount For Payment of2%of the Billed Amount Remaining End of (Outstanding) Outstanding Credit Card Month # Balance This Month 10,000.00 200.00 10,000.00 $ 206.7 400.00 $ 10,338.3 $ 400.00 $ 10,675.59 $ You charged this amount on a credit card. ..> the bill arrives and you make the 2% minimum payment. ) Next month's bill $9800+ interest on the outstanding balance. 2$ 9,800.00 $138.83 $