combinepdf.pdf - Student Name STEP Matthew Gilmore CATEGORY...

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CALCULATE: Shopping with Interest This activity will illustrate how even smaller purchases cost more when you purchase on a credit card and do not pay the balance in full each month. For this activity, we will use the credit card calculator open it in another window. We also make these assumptions: Your credit card’s interest rate (APR) is 19.9%. The minimum payment due each month is 3% of your starting balance. (I assume the bill is due at the end of the month)1.Suppose you have a credit card bill of $1,275 for the month of October. If you pay the full balance before your bill is due, how much will you pay in interest? $21 2.If your credit card bill is $10,275 and you pay the full balance before the bill is due, how much will you pay in interest? $170 3.The latest video game comes out and costs $60. You put it on your credit card and can’t afford to pay the whole bill all at once, so you make the minimum payment each month.
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