Friday, February 25, 2011

Savings Plan Due Tuesday, March 1, 2011

 

Debt Analysis Project

Due:  Friday, March 4, 2011

In addition, you will decide on an item to “purchase” with a cost of no less than $500.00.  You and your partner will decide upon a credit card to use (see attached) for your purchase and calculate how long it would take to pay off this debt, given the terms of the credit card and a payment of $20 per month.

 Create…

1.            A table and graph showing how long it will take to pay off your debt.

Checklist to make sure you have done it all:

            Choose item to “purchase.”

            Choose credit card (Google: “comparing credit cards” to determine the best APR which means annual percentage rate.

            Write and test equation for calculating how long it will take you to pay off the debt.  Let’s assume the interest added per month is calculated after the $20 monthly payment is applied.

            Set up spreadsheet with table that will generate a graph.

            Generate graph.