REY WRITER - Achiever Papers

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.
Consider one of your credit cards. What is the balance? How is the minimum monthly payment determined? What would be the minimum payment? How much of the minimum payment goes towards interest? How much of the minimum payment goes towards the principal? If you do not want to share an actual balance or do not have a credit card, calculate these amounts using an imaginary credit card balance.
Now, examine the terms of one of your credit cards or other revolving debt. Are there other charges that the credit card company is applying to your account? Are you receiving a special rate for a limited time? Does your card charge an annual service charge or an inactivity fee?
Examine a credit card bill (or other revolving debt) and see how long it will take to pay off your debt if you paid only the minimum payments (you can also use an online calculator like the one at http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx). What steps could you take to pay off this credit card (or debt) sooner? Determine the percentage of the principal that you need to pay down in order to pay off the credit card in the time frame of your choosing.
Many Americans find themselves amassing large amounts of credit card (or other revolving) debt at an early age. What advice concerning the use of credit cards and the fees they charge would you provide to a young adult planning on getting a credit card?

By Wednesday, September 18, 2013, complete the assigned exercises.

Assignment 2 Grading Criteria	Maximum Points
Assignment Components
Calculations—Student correctly computes the minimum monthly payment for the scenario. Student correctly computes the amount of interest and principal being paid down with minimum payments based upon the scenario.
Analysis—Student effectively analyzes the terms, conditions, and charges for a credit card or another form of consumer debt. Student outlines a thoughtful and detailed plan to pay down a credit card or another form of consumer debt based upon a specific time frame.
Implications—Student provides insightful commentary regarding handling and/or avoiding the pitfalls of credit card debt or another form of consumer debt.
Writing Components
Organization—Introduction,Thesis,Transitions,Conclusion
Usage and Mechanics—Grammar, Spelling, Sentence structure
APA Elements—Attribution, Paraphrasing, Quotations
Style—Audience, Word Choice
Total:	200

Turn in your highest-quality paper
Get a qualified writer to help you with

“ REY WRITER ”

Get high-quality paper

NEW! AI matching with writer

How Our Dissertation Writing Service Works

First, you will need to complete an order form. It's not difficult but, if anything is unclear, you may always chat with us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.

Complete the order form

Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.

Writer’s assignment

As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.

Completing the order and download