# original answers only personalized credit card debt analysis

Hello,

This assignment requires and original writing responses in word document to various questions related to credit card debt analysis. In addition it requires creating an Excel graph to depict your data. Review it and tell me no asap if you can do it. I can pay 20.00 and I would need it asap tonight or no later the Thursday 3/17 by 1200 pm. Thank you

Assignment 2: LASA 1: Analysis of Credit Card Debt

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 athttp://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, March 16, 2016, complete the assigned exercises.

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.

Worth 48 points

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.

Worth 48 points

Implications—Student provides insightful commentary regarding handling and/or avoiding the pitfalls of credit card debt or another form of consumer debt.

Worth 48 points

Writing Components

Organization—Introduction,Thesis,Transitions,Conclusion

Worth 12 points

Usage and Mechanics—Grammar, Spelling, Sentence structure

Worth 24 points

Worth 16 points

Style—Audience, Word Choice

Worth 4 points

Total of 200 points

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