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The Cost of Credit Card Usage Worksheet Review Ch. 5 of Focus on Personal Finance, your Week 3 Khan Academy Video, and your iGrad Credit

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The Cost of Credit Card Usage Worksheet Review Ch. 5 of Focus on Personal Finance, your Week 3 Khan Academy Video, and your iGrad Credit Card Module for support in completing this assignment. 1. Calculate the following using the Bankrate cakculator. You may use the Bankrate calculator for the remainder of the questions on this worksheet Credit Card Balance er of Total Interest Interest Rate Minimum/FixedNumb Payment Months to Pay in Paid Full Impact of Interest Rates $5,000 13% Minimum (interest+ 1% of balance) Minimum (interest +1% of balance) $5,000 18% Impact of Payment Amounts $2,000 15% Minimum (interest+ 1% of balance Fixed $100 $2,000 15% 2. In the-Impact of Interest Rates. example, a 5% interest rate difference results in how much extra interest paid when making only a required minimum monthly payment equal to the monthly interest plus 1% of the outstanding balance? 3. In the "lmpact of Payment Amounts example, how much total interest would you save by making a fixed payment of $100 per month instead of the required minimum payment equal to the monthly interest plus 1% of the outstanding balance? 4. How much quicker would you be able to pay off the $2,000 credit card balance by making a fixed payment of $100 each month instead of the required minimum payment

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