Week 5 Discussion.docx - Week 5 Discussion Research Following to the outline in Personal Financial Plan 16(found at the end of the chapter research two

Week 5 Discussion.docx - Week 5 Discussion Research...

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Week 5 Discussion Research: Following to the outline in Personal Financial Plan 16 (found at the end of the chapter), research two credit cards, and then compare the two credit card offers and terms. (1) Report on what you found. (2) What are the most important characteristics of the cards to you personally? (3) Which of the two cards would you choose and why? Case Study : Bettie decides to splurge on a vacation to the Caribbean, and charges the whole $5,000 bill to her credit card. The card charges 14% annual interest on the outstanding balance (which is a pretty good rate for credit cards), and requires monthly payment (so assume interest is compounding monthly). When she gets back, all rested and tan, she plans to make monthly credit card payment of $100 to pay it off. (1) How long will it take her to pay off the vacation charge (use your TVM skills from chapter 1)? (2) How much will she pay in total interest on the $5000 charge? (3) What did this vacation really cost her?
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  • Spring '08
  • gia
  • Tan, Credit card, Bettie, Gold Delta Skymiles, Delta Skymiles

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