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Reflective essay /credit card (Example)

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Name: Instructor: Course: Date: Credit Card Essay Calculate how long it would take to pay off the credit card balance paying only the minimum payment My credit card balance is $9 000 with and APR of 18%. It would take me 6.29 years to pay of my credit card at a minimum payment of $200.00. Choose an amount of time between 2 and 10 years and calculate the monthly payment required to pay off the credit card balance in that amount of time In 7 year span I would have to $228.54 a month to get it paid of sooner. Choose any amount over the minimum monthly payment and determine how long it would take to pay off the credit balance If I choose to pay 300$ as minimum monthly payment it would take me around 3.5 years to pay off the credit balance. If I continue to pay the right there in the pocket of one’s favorite pants. Credit cards a necessary choice for travelers and savers alike but is not always a wise decision. It often takes years to pay off a credit card. Of course it can be paid sooner by sacrificing that extra dinner every week or the evil cable bill. Overall credit cards have both blessed and cursed the modern world. Work Cited "6 Risky Ways To Pay Off Credit Card Debt | Bankrate.com." 6 Risky Ways To Pay Off Credit Card Debt | Bankrate.com. Web. 14 Mar. 2016. "Cut Your Credit Card Debt Using Micropayments." CreditCardscom News. Web. 14 Mar. 2016. "Financial Calculators." Credit Card Payoff Calculator: How Long Will It Take to Pay off My Credit Card? Web. 14 Mar. 2016. Krasny Jill. "Do You Really Need A Credit Card?" Business Insider. Business Insider Inc 2012. Web. 14 Mar. 2016. "Customer Support." Customer Support. Web. 14 Mar. 2016. [...]

Order Description:

For the Discussion Board, you will complete a reflective essay that addresses one of the following scenarios: Paying the minimum payment on a credit card versus paying extra to get the credit card paid off early As a basis for your essay, make at least one calculation that illustrates the scenario that you choose. If you wish, you can make more than one calculation. In your reflective essay, you will address various questions/issues, so begin by choosing one of the scenarios, reading through list of questions, and taking notes on what you come up with. Scenario A: Paying the minimum payment on a credit card versus paying extra to get the credit card paid off early. • ***Choose a credit card balance between $5,000 and $15,000 to do your calculations, using an 18% APR. • Access the “Credit Card and Compound Interest Worksheet" and first use Part 1) Determine the number of years of payments needed based on the credit card debt, interest rate, and payments size, then use Part 2) Determine a payment based on credit card debt, interest rate, and number of years until paid off. Use Parts 1 and 2 to perform the following calculations: • Calculate how long it would take to pay off the credit card balance paying only the minimum payment. • Choose an amount of time between 2 and 10 years and calculate the monthly payment required to pay off the credit card balance in that amount of time. • Choose any amount over the minimum monthly payment and determine how long it would take to pay off the credit balance. Address the following questions in your essay: • Do you think credit cards are a wise way to pay for things? • Do you think credit cards are necessary? • What would keep you from paying extra on the credit card? • What would it mean to you to be able to pay the credit card off early? • What would you be willing to give up or do to do be able to pay extra on the credit? Example only: My credit card balance is $10,000 with and APR of 18%. It would take me 10.89 years to pay of my credit card at a minimum payment of $175.00. In 7 year span I would have to $210.18 a month to get it paid of sooner. Finally if I paid $200 even it would take me about 7.76 years to pay it off. If I continue to pay the minimum payment I would have about 12,873.40 in interest. If I paid the $210.18 I would have $7,670.09 in interest. I believe this answer could go either way. Yes because if you did not have the money at the time you could still pay of the bill on its due date and it would not affect your credit because it was paid on time. But I also think it could be no because some may abuse this and could dig themselves a deeper whole and might not be able to make the payments and or even the minimum payment. Credit cards could be a lesson or a blessing. In some situations I do believe they are necessary because if something happens and you need a new washer for example but you don't have the money at that time you could use the credit card to buy it and you could have a new washer right away. In a way it saves you money at that time because it can be cheaper than going to the laundry mat to wash your clothes until you have the money to get a new washer. The only thing keeping me from paying extra would be if I have other more important bills to pay that the extra money could be going to. Making sure all of my bills that need to be paid in full are paid before I pay extra for my credit card. I would be willing to give up going out to eat all the time, buying pop, and wasting gas to drive around with friends. "Maxing out your card not only damages your credit, but also may damage your credibility." It is important to make sure that you do not let your credit card balance get to high because if you max it out it can damage your credit as well as make it harder for you to get a loan. www.nerdwallet.com http://www.bankrate.com/calculators/savings/loan-interest-calculator.aspx

Subject Area: Mathematics

Document Type: Dissertation Proposal

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $25

Words 550

Pages 2

Completed in 1 day

Expert Muhammad Adil

Client Review

Good writer but needs to pay attention to details.

Positive
10.03.2017

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