E Q Credit Card Debt Introduction What is a student's biggest gripe about taking math classes? Unless they are a STEM ma

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E Q Credit Card Debt Introduction What Is A Student S Biggest Gripe About Taking Math Classes Unless They Are A Stem Ma 1 (140.91 KiB) Viewed 22 times

E Q Credit Card Debt Introduction What is a student's biggest gripe about taking math classes? Unless they are a STEM major, its usually "how does this apply to my normal life"? And that's a fair question. How can you apply the lessons learned to day to day life. We all know that we never encounter solving quadratic equations when we're out shopping or spending time with friends. However, there are some key parts of our lives where we can use the concepts we learn in class. For this project, that key point is the credit card. Credit cards can be both a blessing and curse. They make our lives easier because we don't have to set aside cash every week. We can pay everything online from the comfort of our home. And we don't have to worry about not having enough cash on hand when we have to make essential purchases. Finally, they are crucial to building up a good credit score. However, credit cards carry a great deal of responsibility. There are many horror stories of people not being careful with credit cards and racking up huge amounts of debt and paying an enormous amount of Interest. And that is the crux of this project. The purpose of this project is to give you some understanding of how interest works with credit card debt. Objectives Learn how credit cards work (if you do not have one). Learn how interest with credit cards works and what APR is Learn how your credit score depends on your credit card usage. Determine strategies to aid in paying off a balance over multiple months. Instructions Let's assume that you racked up some credit card debt. 1.) You may work by yourself, with 1 or 2 other people on this project. 2.) First, you must determine your balance. Pick a random number between 2000 and 4000. Use random.org to generate your debt. Include a screenshot of the number generator. 3.) Go find a credit card payoff calculator. You can find one at Bankrate or wallet hub. 4.) Choose your monthly payment. Different calculators work differently. Wallet hub's will re tell you if the minimum payment you choose is too small. If you get such a message, pick a different payment. State your monthly payment 5.) Let the APR vary between 15% and 20 % in increments of 0.5%. Your interest rates will be 15%, 15.5%, 16 %, 16,5 %, etc. he 150 1550 6.) For each interest rate, take a screenshot of the calculator's results for each interest rate. This will be the tedious part. 7.) Using a graphing utility (Excel or Desmos recommended), make a graph of total interest pald vs. Interest rate. 8.) Find a regression that best fits your graph. It can be linear, quadratic, cubic, quartic, power, exponential, or logarithmic. Don't start trying every regression. Think about the shape of your graph and choose an appropriate regression. 9.) Label your graphs. Put labels on the x and y axes and give it a title. Questions 1.) State two strategies that will help you pay off your debt faster. 2.) Explain how interest is calculated on a credit card. You can easily find articles on this issue. If you use an example from a website you found, please state the source. 3.) How Important is your credit card usage to your credit score? 4.) Describe responsible credit card usage with regards to your credit score. 5) What is the recommended balance you should have each month? mobi 6.) When you make a payment, where does the money go first, interest or principal? Why is that important to know? 7.) Take your answer from question 7 and consider it in the context of the Federal Moratorium on student loans. If you have borrowed money from the government to fund your education, would it benefit you to make payments to your student loans during the moratorium (assuming you can afford payments)? Why? Submission Submit your report to blackboard by 11:59 pm, 5/6/22. A