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Date Created: 11/14/15
A different school of thought KA P LA N 3 UNIVERSITY MM255 Business Math and Statistical Measures Unit 5 Instructor Graded Assignment Consumer Credit In this and future Instructor Graded Assignments you will be asked to use the answers you found in the Unit 1 Assignment Note For these questions you need to cite a reliable source for information which means you cannot use sites like Wikipedia Askcom and Yahoo answers If you do use those sites the instructor may award 0 points for your response The Assignment problems must have the work shown at all times The steps for solving the problems must be explained Failure to do so could result in your submission being given a 0 If you have any questions about how much work to show please contact your instructor Assignments must be submitted as a Microsoft Word document and uploaded to the Dropbox for Unit 5 Please type all answers directly in this Assignment below the question it applies to All Assignments are due by Tuesday at 1159 PM ET of the assigned Unit Note All interest rates are to be assumed to be yearly interest rates For this assignment you will need the prime interest rate as posted in the Wall Street Journal Use the Internet to search for the current prime interest rate 0 List the current prime interest rate 325 Question 1 5 points 1 You have a credit card that is Charging you 99 the current prime rate What is that interest rate on the credit card today 9900 32500 131500 Question 2 5 points 2 If this same card were issued 30 years ago what would your interest rate be In the event that there were multiple prime interest rates for a year use the one that is 30 years from the day your class started Use the Internet to determine what this rate is 11 99 11 209 30 years ago Question 3 A different school of thought r K A P L A N quot UNIVERSIIY MM255 Business Math and Statistical Measures 20 points 3 In the month of April your credit card which is charging you 99 the current prime interest rate has a balance of 1000 On April 3rd you charge 100 then on April 20th you put 15 gallons of gas on the card On April 23rd your payment of 400 arrives and is posted to your account Finally on April 27th you charge all of your food for the month for your family of 4 a What is your average daily balance at the end of the month on this card Hint You will need to research and find the cost of gas and food in order to solve this Use the national average as of four months before the date Assignment is due For instance if your Assignment is due November 3rd 2012 use the July 2012 national average 20 Average cost of gas is estimated at 350 and food for family of 4 is 125220 41 1000 beginning balance 43 100 charged 420 5250 charge for gas 35015 gallons 42340000 PAYMENT APPLIED 427 125220 food 430 end of billing period for month of April 312 1000 200000 20317 1100 1870000 23203 1 15250 345750 27234 75250 301000 302714 20047 801880 80 add 2000001870000345750301000801880 351863030 117288 b How much interest will your card charge you this month assuming interest is charged on the average daily balance 113 Average daily balance Interest Rate 12 c If this card were using the interest rates of 30 years ago how much interest would your card charge you this month 1795 Average daily balance Interest Rate of 1983 12 Essay 15 points 5 Search for a consumer research site such as Source Bankratecom n d Retrieved from httpwwwbankratecom Research and find three credit cards offered by three different companies Write an essay on which credit card is the best and why you think it is the best In your essay look at things like the interest rate grace period annual fees and compare those between the cards but in the end you must make a decision on which card you like best and why Note Professors are free to pick three A different school of thought KA P LA N 3 UNIVERSITY MM255 Business Math and Statistical Measu res cards for you to research if they wish please check with your teacher for specific requirements on this question Requirements 0 Write your essay in this document do not save it in a separate file 0 You must clearly state your position with wellstructured paragraphs using proper grammar spelling and sentence structure 0 This is not an opinion question you must offer evidence to support your position using properly cited sources 0 Your answer must be between 341 page in length 0 You must cite and reference at least one source book website periodical using APA format 0 Do not use unreliable sources such as Wikipedia and Yahoo Answers Credit Cards APR Annual Fee Cash Back Discover 129921 99 No 5 M 00 Citi DividendStudent 1399 o2399 No 51 Captital OneMC Secured 229 variable 2900 No I compared the three cards listed above Not one of them were equals close but not one card seemed to be the same I personally think that the Discover is the best deal for other reasons than listed above It is the best if compared to the others but it has a whole list of extras that really appealed to me Discover offers Payment forgiveness and flexibility which allows you to change when your payment is due and doesn t raise your interest rate if you are late on a payment Discover also offers a program if you lose your job they will lower your interest rates which lowers your monthly payment or will find a way to help There are also no fees applied if you go over your spending limit All APR s seemed to be based on credit worthiness which makes sense The Secured MasterCard would be a great fit for someone who is young and has no credit or someone who might need to rebuild their credit Annual fee is low The interest rate is a little on the high side but not when compared to the other high end based on credit worthiness The Citi card had an interesting program too It is called Price Rewind if you register your purchases through their website they will search for 30 days and if your purchase is found cheaper elsewhere you will get refunded the difference I think this is a great idea It was very interesting to compare these cards as well as others while I was at it You may submit your Assignments to the Math Center for review Tutors will not grade or correct the Assignment but they will provide guidance for improvement Tutors will not however help you find web sites for the Assignment A different sch uxol at th ought P LA Ni 39 umwsnsm r MM255 Business Math and Statistical Measu res Be sure to submit Assignments early enough to receive feedback and make corrections before the Assignment due date 24 hour turnaround times MondayThursday and 48 hour turnaround times on weekends are typical Email Assignments to kumckaolanedu Please put MM255 Assignment Review in the subject line of the message
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