a. What is the total of the minimum payments? b. What is the total of the finance charges? c. How much does the starting balance decrease after these three payments? d. Your finance charge is what percent of your payments? e. Explain why making the minimum payment all the time is great for the credit card company, but not so great for the user. f. Explain why having a credit card and using it wisely is beneficial to you. 1 Math 123 Quantitative Reasoning Homework Assignment #9-C 19. Credit Cards, 20. Interest (Show all your work to get full credit) Simple & Compound Interest 3. Lori buys a $1200 certificate of deposit (CD) that earns 4.25% interest that compounds monthly. How much will the CD be worth in: a. 5 years? b. 10 years? 4. Lori gets an offer from another bank that is also paying 4.25% on CD’s, but is compounding interest daily. How much will the $1200 CD be worth in: a. 5 years? b. 10 years? 5. Perry has an opportunity to put $8,000 into an investment with an APR of 4.5%. How long will it take his investment to double? Rounded to the nearest hundredth. 6. Create an Excel spreadsheet comparing simple interest and compound interest yearly for an investment of $1200 over 30 years with an APR of 8%. Use the directions from class to create your spreadsheet showing both types of interest for all 30 years. Attach a printed copy of your Excel file to your homework. Simple interest balance after 30 years: Cell Reference for year 30: Formula in that cell: Compound interest balance after 30 years: Cell Reference for year 30: Formula in that cell: 7. Use the data from the spreadsheet in #6 to create a scatterplot comparing the two types of interest. Attach a printed copy of the scatter plot to your homework. Write a paragraph making your comparisons and observations. 2
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