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use the attachmentsModule 3 LASA Template
How to use this Template:
Please do not remove or delete anything from this template.
Where you see yellow highlights is where you place your final answers as instructed below.
below. Then, save THIS document as your file with your name, and submit to the dropbox in
class.
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)?
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.
!!!First, remember you are using an APR of 15.53%!!!
What is the amount of interest per month? Formula: (APR*principal)/12 Place your
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.
How is the minimum monthly payment determined? Example: 2% of the principal Place
How much of the minimum monthly payment goes towards interest?
How much of the minimum monthly payment goes towards the principal?
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?
Are there other charges that the credit card company is applying to your account?
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?
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.
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.
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?
Let’s say that you want to pay off your credit card in a shorter amount of time – what time
What percentage of the principal would you need to pay down per month in order to pay
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?
What advice would you give (150 words minimum)?
—————————–
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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