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QUESTION

# Credit card debt is a reality for many in today's world. Suppose that you had a $5,270.00 balance on a credit card with an annual percentage rate... Credit card debt is a reality for many in today's world. Suppose that you had a$5,270.00 balance on a credit card with an annual percentage rate (APR) of 15.53 percent. Consider the following questions and prepare a report based upon your conclusions. This report must be submitted as a Word document and attachment to the M3: Assignment 2 Dropbox. Consider the following questions and prepare a report based upon your conclusions. Your report should be created as a Word document, but you are encouraged to create graphs and charts (which can be made in Excel and copied to the Word document) to illustrate your points. Remember: make sure you explain what the charts and/or graphs mean; do not assume the reader understands what they mean.

1. Most credit cards require that you pay a minimum monthly payment of two percent of the balance. Based upon a balance of \$5,270.00, what would be the minimum monthly payment (assuming no other fees are being applied)?
2. Considering the minimum payment you just calculated, determine the amount of interest and the amount that was applied to reduce the principal. Hint: You'll need to find the total interest for the year first.