Category: Math 8Y

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.

February 24, 2011

Thursday, February 24, 2011

Due: Tuesday, March 1, 2011

You will examine the amount of savings you would have if at birth someone had invested $100 in your name at the “prime interest rate.” The prime rate is an important index used by banks to set rates on many consumer loan products, such as credit cards or auto loans (Bank.com). You will then compare that to a savings account in which someone else annually deposited $20 in your name after also giving you $100 at birth. Your data will be organized using a spreadsheet.

1. Tables of both savings situations (print out the spreadsheet) with all data clearly labeled.

2. ONE graph comparing both savings situations with all data clearly labeled.

3. A typed analysis of how both savings situations have performed up until now: which one is better, why, and under what circumstances. How much will you have in each account at age 30?