MasterCard, Module 4 LASA Template help

Module 4 LASA Template Where you see the words “Please show your work here” – please show all calculations and explanations that helped you to reach your final answer. Where you see highlights is where you place your final answers as instructed below. Again, please do not erase anything and simply place your work and answers where shown below. Then, save THIS document as your file with your name, and submit to the dropbox in class. ***Type your intro paragraph here (min. 150 words) Please follow APA format for your intro paragraph. APA format is size 12 font, double spaced, clearly readable font such as Times New Roman. *** So what goes in the intro? Great question! This is open-ended. The intro paragraph is where you introduce the topic to the reader. What information are you presenting here in the submission? What are some points about debt/credit that you would like to make? Why is this assignment important? Etc. Most credit cards require that you pay a minimum monthly payment of two percent of the balance. Based upon a balance of $5,270.00, what would be the minimum monthly payment (assuming no other fees are being applied)? Please show your work here: !!!First, remember you are using an APR of 15.53%!!! What is the amount of interest per month? Formula: (APR*principal)/12Place your answer here What is the amount applied to reduce the principal?Place your answer here 2. Consider one of your credit cards. What is the balance? How is the minimum monthly payment determined? What would be the minimum payment? How much of the minimum payment goes towards interest? How much of the minimum payment goes towards the principal? If you do not want to share an actual balance or do not have a credit card, calculate these amounts using an imaginary credit card balance. Please show your work here: Final answers: What is the balance?Place your answer here $500 How is the minimum monthly payment determined? Example: 2% of the principalPlace your answer here What would be the minimum monthly payment?Place your answer here How much of the minimum monthly payment goes towards interest? Place your answer here What interest rate did you use to answer the preceding question? Place your answer here How much of the minimum monthly payment goes towards the principal? Place your answer here 3.Now, examine the terms of one of your credit cards or other revolving debt. Are there other charges that the credit card company is applying to your account? Are you receiving a special rate for a limited time? Does your card charge an annual service charge or an inactivity fee? Please show your work here: Final answers: Are there other charges that the credit card company is applying to your account? Place your answer here Are you receiving a special rate for a limited time? Place your answer here Does your card charge an annual service charge or an inactivity fee? Place your answer here Examine a credit card bill (or other revolving debt) and see how long it will take to pay off your debt if you paid only the minimum payments. Please use the following online calculator to complete this task: http://www.bankrate.com/calculators/credit-cards/credit-card-payoff-calculator.aspx What steps could you take to pay off this credit card (or debt) sooner? Determine the percentage of the principal that you need to pay down in order to pay off the credit card in the time frame of your choosing. Please show your work here: Final answers: What information did you enter into the online calculator? Place your answer here, which will include the balance, interest rate, and minimum payment per month How long will it take to pay off the debt if you only paid the minimum payments? Place your answer here; this will be the value that the calculator shows you What steps could you take to pay off this credit card (or debt) sooner? Place your answer here Let’s say that you want to pay off your credit card in a shorter amount of time – what time frame do you choose? Place your answer here What percentage of the principal would you need to pay down per month in order to pay off the credit card in the time from of your choosing? Place your answer here 6. Many Americans find themselves amassing large amounts of credit card (or other revolving) debt at an early age. What advice concerning the use of credit cards and the fees they charge would you provide to a young adult planning on getting a credit card? Final answers: What advice would you give (150 words minimum)? Place your answer here ***Type your conclusion paragraph here (min. 150 words). Please use APA format for your conclusion paragraph.*** APA format is size 12 font, double spaced, clearly readable font such as Times New Roman.

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