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# 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.

- 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)?
- 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.