What will be your advice on the use of credit cards for the hypothetical situations of your peers?

Credit card debt is a reality for many of us in today’s world. Suppose you have a
balance of $5,270.00 on a credit card with an annual percentage rate (APR) of 15%.
Most credit cards require that you pay a minimum monthly payment of 2% of the
balance.Based upon a balance of $5,270.00, the minimum monthly payment (assuming no
other fees are being applied) will be $105.40. Of this amount, only $65.88 goes
toward the principal and pays down what you owe. The remaining amount ($39.52) is
the interest you pay to the credit card company.Therefore, if you pay only $105.40 a
month, it will take you 28.2 years to pay off a debt of $5270.00. During that time,
you will pay the credit card company $7,967.76 in interest! Understanding this basic
fact of credit card debt is important for your future financial security. You can
find details of the above calculations in the lecture material of this module.For
this assignment, assume that you have a credit card from the hypothetical Big Bank.
Pick an imaginary outstanding balance. Then, answer the following:What will be the
minimum monthly payment of your outstanding balance if the APR is 18% and it
requires a minimum monthly payment of 3%?How much of the payment each month will go
toward the principal?How much of the payment each month will go to interest?How long
will it take to pay off your debt if you pay only the minimum payments?
You can also use an online calculator like the following:
Bankrate.com. (2012). Credit card calculator: The true cost of paying the minimum.
steps can you take to pay off this credit card debt fast?Write your initial response
in a minimum of 200 words. Apply APA standards to citation of sources.By Saturday,
May 21, 2016, review the postings of your peers and respond to at least two of them.
Consider commenting on the following:Many Americans amass large amounts of credit
card debts at an early age. What will be your advice on the use of credit cards for
the hypothetical situations of your peers?

Homework Market
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Homework Market


Quality Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Homework Market

Qualified Writers

We have hired a team of professional writers experienced in academic and business writing. Most of them are native speakers and PhD holders able to take care of any assignment you need help with.


Unlimited Revision

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account.


Timely Delivery

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. We will always strive to deliver on time.


Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text.


Customer Support 24/7

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:

How it works?

Follow these simple steps to get your paper done

Homework Market

Place your order

Fill in the order form and provide all details of your assignment.

Homework Market

Proceed with the payment

Choose the payment system that suits you most.

Homework Market

Receive the final file

Once your paper is ready, we will email it to you.

Homework Market Writing Services

No need to work on essay at night. Sleep tight, we will cover your back. We offer all kinds of essay writing services.

HomeworkMarket HomeworkMrket


Essay Writing Services

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

HomeworkMarket HomeworkMarket


Admission Essays

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

HomeworkMarket HomeworkMarket


Essay Editing

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

HomeworkMarket HomeworkMarket

Research Paper

Research Paper

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied.