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Cost of Credit Assignment

  1. What is the total cost of a $1,000 purchase using a credit card with 18% interest and a minimum payment of interest plus 1% of balance? Use the Credit Card Calculator to find your answer.
  1. How long will it take to pay off this credit card, paying only the minimum each month? Give your answer in years and months. Use this Credit Card Payment Calculator to find your answer.

Save your answer in a Word document. Save it as H#LastnameCostOfCredit (replace # with your class period number) and put it in the Hanson Dropbox.

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/groups/wiki_shsfinanceward/search/index.rss?sort=modifiedDate&sortDirection=reverse&tag=assignmentlist/groups/wiki_shsfinanceward/search/?sort=modifiedDate&sortDirection=reverse&tag=assignmentRecent AssignmentsCustomTagSidebarCustomTagSidebar?sort=modifiedDate&sortDirection=reverse&tag=assignment0/groups/wiki_shsfinanceward/sidebar/CustomTagSidebarmodifiedDate5CustomTagSidebarreverseassignmentRecent Assignmentscustom/groups/wiki_shsfinanceward/search/index.rss?tag=hotlist/groups/wiki_shsfinanceward/search/?tag=hotWhat’s HotHotListHot!?tag=hot1/groups/wiki_shsfinanceward/sidebar/HotListnhansonMr. Hanson2013-06-04 19:40:35+00:002013-06-04 19:40:35updated7nhansonMr. Hanson2013-01-14 04:22:26+00:002013-01-14 04:22:26updated6nhansonMr. Hanson2012-11-29 17:39:28+00:002012-11-29 17:39:28updated5Added tag - hotnhansonMr. Hanson2012-10-30 04:28:39+00:002012-10-30 04:28:39addTag4Added tag - independent projectnhansonMr. Hanson2012-10-30 04:28:35+00:002012-10-30 04:28:35addTag3nhansonMr. Hanson2012-10-30 04:13:14+00:002012-10-30 04:13:14updated2First creatednhansonMr. Hanson2012-10-30 04:04:19+00:002012-10-30 04:04:19created1wiki2013-06-04T19:40:35+00:00groups/wiki_shsfinanceward/wiki/70971FalseIndependent Project/groups/wiki_shsfinanceward/wiki/70971/Independent_Project.htmlMr. Hanson7 updatesIndependent Project Note on Grading If you are a student who consistently works hard during the class period (not wasting time on the Internet, talking with fr...Falsenhanson2013-06-04T19:40:35+00:00hot/groups/wiki_shsfinanceward/search/index.rss?sort=modifiedDate&kind=all&sortDirection=reverse&excludePages=wiki/welcomelist/groups/wiki_shsfinanceward/search/?sort=modifiedDate&kind=all&sortDirection=reverse&excludePages=wiki/welcomeRecent ChangesRecentChangesListUpdates?sort=modifiedDate&kind=all&sortDirection=reverse&excludePages=wiki/welcome0/groups/wiki_shsfinanceward/sidebar/RecentChangesListmodifiedDateallRecent ChangesRecentChangesListUpdateswiki/welcomeNo recent changes.reverse5search