Skip to main content

•Paying the minimum payment on a credit card versus paying extra to get the credit card paid off early. •Investing a smaller amount beginning early in life versus investing more each month beginning later in life.

For the Unit 7 Discussion Board, you will complete a reflective essay that addresses one of the following scenarios.
•Paying the minimum payment on a credit card versus paying extra to get the credit card paid off early. •Investing a smaller amount beginning early in life versus investing more each month beginning later in life.
As a basis for your essay, make at least one calculation that illustrates the scenario that you choose. If you choose, you can make more than one calculation.
In your reflective essay, you will address various questions/issues, so begin by choosing one of the scenarios and reading through list of questions and taking notes on what you come up with. a.Paying the minimum payment on a credit card versus paying extra to get the credit card paid off early. •Choose a credit card balance between $5,000 and $15,000 to do your calculations using an 18% APR. •Access the attached “Credit Card and Compound interest” work sheet and first use Part 1) Determine the number of years of payments needed based on the credit card debt, interest rate, and payments size, then use Part 2) Determine a payment based on credit card debt, interest rate, and number of years until paid off: •Use parts 1 and 2 to perform the following calculations. •Calculate how long it would take to pay off the credit card balance paying only the minimum payment. •Choose an amount of time between two and 10 years, and calculate the monthly payment required to pay off the credit card balance in that amount of time. •Choose any amount over the minimum monthly payment, and determine how long it would take to pay off the credit balance.
Address the following questions for your essay:
•Calculate how long it would take to pay off the credit card balance paying only the minimum payment. •Choose an amount of time between two and 10 years, and calculate the monthly payment required to pay off the credit card balance in that amount of time. •Choose any amount over the minimum monthly payment, and determine how long it would take to pay off the credit balance. • Do you think credit cards are a wise way to pay for things? • Do you think credit cards are necessary? • What would keep you from paying extra on the credit card? • What would it mean to you to be able to pay the credit card off early? • What would you be willing to give up or do to do be able to pay extra on the credit?

b.Investing a smaller amount beginning early in life versus investing more each month beginning later in life. Access the attached Credit Card and Compound Interest work sheet and use part 3) Determine the future value of an investment based on the payments, how often payments are per year, number of years and a specific interest rate. •Set your current principal at $0 as if you are starting a new account and choose an amount between $100 and $500 to use as the monthly addition. •Choose a number of years between 20 and 30 for your investment account to grow. •Choose an interest rate between 3.00% and 10.00%. •Set compound interest to 12 times per year. •What is the future value of your account? •Keeping all other factors the same, change the number of years to between 5 and 15 for your investment to grow. •What is the future value of your account? • What would you have to give up to be able to start saving early in life? • What would you have to give up to be able to start saving later in life? • What would it mean to you to have extra money each month available to you when you retire? • What would it mean to you to feel secure about the amount of money you have saves for your retirement?
Now that you have thought through these questions and taken notes, it’s time for you to draft your reflective essay. Every piece of writing should have an introduction, body, and conclusion. A good way to plan this particular reflective essay is to write an introduction to the essay. Next, write at least three body paragraphs.
If you use outside sources for this essay, they need to be cited in proper APA format. You can find numerous APA resources in the KU Writing Center Writing Reference Library on the Research, Citation, and Plagiarism page.https://kucampus.kaplan.edu/MyStudies/AcademicSupportCenter/WritingCenter/WritingReferenceLibrary/ResearchCitationAndPlagiarism/Index.aspx
Your essay should include a highly developed purpose and viewpoint; it should also be written in Standard American English and demonstrate exceptional content, organization, style, and grammar and mechanics. There should be no evidence of plagiarism. If you are unsure what constitutes plagiarism, please review the KU plagiarism policy.https://kucampus.kaplan.edu/MyStudies/AcademicSupportCenter/WritingCenter/WritingReferenceLibrary
ID: MM150-07-07-D

Comments

Post a Comment

Popular posts from this blog

Should pit bull terriers be banned in my community

 Discussion Forum: Counterarguments (Should pit bull terriers be banned in my community) You created a question about the topic for your W6 Rough Draft. For this discussion, you will give an answer to that question in the form of a thesis statement. "Dieting Makes People Fat" Main Post: Share your thesis statement with your classmates. Please note: As with last week’s discussion, nothing here is set in stone. Be open to changing everything about your topic, including your position and audience, as you research it and get feedback from your classmates. Topic + Position/Purpose + Supporting Points =Thesis Statement Example: Suppose the question you posed in the Week 5 discussion was something like, “Should pit bull terriers be banned in my community?” After doing some preliminary research, you have concluded that pit bulls, if raised properly, are no more dangerous than other breeds of dogs. Your thesis statement can be something like, “Pitbulls should not be banned
Post a Comment
Read more

CYBER SECURITY and how it can impact today's healthcare system and the future

 Start by reading and following these instructions: Create your Assignment submission and be sure to cite your sources, use APA style as required, and check your spelling. Assignment: Recommendations Document Due Week 6 (100 pts) Main Assignment Recommendations Document The 1250 to 1500-word deliverable for this week is an initial draft of your recommendations. Note that this is a working document and may be modified based on insights gained in module eight and your professor's feedback. This document should contain the following elements: Summary of your problem or opportunity definition A list of possible recommendation alternatives. In this section, you are not yet at the point of suggesting the best set of recommendations but you are trying to be creative and explore all the different ways that the problem or opportunity might best be addressed. The end result here will be a list of alternatives among which you will choose your final recom
Post a Comment
Read more

Do violent video games encourage players to become violent in real life?

 Write an outline for Speech 3, the persuasive belief speech, following the outline guidelines and formatting requirements (Do violent video games encourage players to become violent in real life?).  1000-1200 WORDS https://virtualspeech.com/blog/persuasive-speech-outline-structure-delivery Topics: https://blog.prepscholar.com/good-persuasive-speech-topics Do violent video games encourage players to become violent in real life? https://www.youtube.com/watch?v=YKKWOx43pIY WE HAVE DONE THIS ASSIGNMENT BEFORE, WE CAN ALSO DO IT FOR YOU GET SOLUTION FOR THIS ASSIGNMENT,  Get Impressive Scores in Your Class CLICK HERE TO MAKE YOUR ORDER   on Do violent video games encourage players to become violent in real life? Are You looking for Assignment and Homework Writing help?  We Provide High-Quality Academic Papers at Affordable Rates. No Plagiarism. TO BE RE-WRITTEN FROM THE SCRATCH
Post a Comment
Read more