use the attachmentsModule 3 LASA Template

How to use this Template:

Please do not remove or delete anything from this 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 yellow 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.

1. 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:

Final answer:

What is the minimum monthly payment? Place your answer here

2. Considering the minimum payment you just calculated, determine the amount of interest

and the amount that was applied to reduce the principal. Hint: You’ll need to find the

total interest for the year first.

Please show your work here:

Final answers:

!!!First, remember you are using an APR of 15.53%!!!

What is the amount of interest per month? Formula: (APR*principal)/12 Place your

answer here

What is the amount applied to reduce the principal? Place your answer here

3. 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

How is the minimum monthly payment determined? Example: 2% of the principal Place

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

4. 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

5. 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.

Note the conclusion is a SEPARATE paragraph from question #6

above.

Like the intro, the conclusion paragraph is open-ended. What closing points would you like to

make? What did you learn from this assignment? Did it raise any questions for you? Etc.

***Place all of your references in APA format here.

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