Suppose you borrow $1000.00 (imaginary, of course) on a credit card. You make the minimum payment for a year. Task: Make the comparison. Find the annual interest rate and list of fees for three different credit cards. Assume a total charge of $1,000.00, minimum repayment terms of 2.5% per month, and no new purchases made. The three cards you compare must fit these guidelines: At least one card must have an annual fee. One card must have a very low interest rate (<5%). One card must have a low-medium interest rate (5-10%). One card must have a medium-high interest rate (10-25%). Process: Step 1: Convert the APR (Annual Percentage Rate) to a monthly rate. Step 2: spreadsheet calculating 12 months of payments, adding the interest and other charges, and deducting the payment (in that order). Step 3: Find the total of the payments, how much was interest, and how much was principal. Step 4: Make a pie chart for each card, showing what percent of the payment went to principal and what portion went to interest and other charges. Step 5: Calculate the time it will take to pay off each credit card making only minimum payments.