University of Phoenix Material
The Cost of Confidence Card Experience Worksheet
Review Ch. 5 of Focus on Identical Finance, your Week 3 Khan Academy Video, and your iGrad Confidence Card Module restraint buttress in completing this enactment.
1. Calculate the aftercited using the Bankscold calculator. You may reason the Bankscold calculator restraint the distinction of the topics on this worksheet.

Confidence Card Neutralize

Caauthentication Scold

Minimum/Unroving Reimbursement

Number of Months to Steadfast in Full

Whole Caauthentication Paid

Impact   of Caauthentication Scolds

\$5,000

13%

Poverty   (interest+1% of neutralize)

\$5,000

18%

Poverty   (interest+1% of neutralize)

Impact   of Reimbursement Amounts

\$2,000

15%

Poverty   (interest+1% of neutralize)

\$2,000

15%

Unroving \$100

2. In the “Impact of Caauthentication Scolds” copy, a 5% caauthentication scold distinction results in how fur extra caauthentication paid when making solely a required poverty monthly reimbursement similar to the monthly cause, plus 1% of the uncollected neutralize?
3. In the “Impact of Reimbursement Amounts” copy, how fur whole caauthentication would you spare by making a unroving reimbursement of \$100 per month instead of the required poverty reimbursement similar to the monthly cause, plus 1% of the uncollected neutralize?
4. How fur quicker would you be cogent to steadfast extempore the \$2,000 confidence card neutralize by making a unroving reimbursement of \$100 each month instead of the required poverty reimbursement?
5. Assume you bear a companion who is making the poverty monthly reimbursements on a confidence card. Your companion asks your thoughts on what he or she is doing. Based on these calculations and what you bear erudite, how would you guide your companion about making solely poverty reimbursements? Your counterpart should be at smallest 100 opinion.
6. The chart overhead looks at steadfasting extempore a confidence card neutralize and assumes you allure not attributable attributable attributable be using it continuance steadfasting it down. In these poverty reimbursement copys the neutralize decreases by solely 1% each month. Most of us allure reason confidence cards throughout the year, and that resources we may propel a neutralize late the excellence continuance. Assuming you were reserved to steadfast extempore the neutralize continuance calm?} using the card, what actions must you catch? Your counterpart should be at smallest 100 opinion.
7. What recommendations would you gain in respects to uprightly managing confidence card experience and reprisals? Your counterpart should be at smallest 100 opinion.
Choosing Between Confidence Card Options
Review the Schumer Box notice granted under restraint brace confidence card options, and then counter-argument the topic that follows.

CARD DISCLOSURES

Confidence Card Option A

Confidence Card Option B

Annual   Percentage Scold (APR) restraint Purchases and Transfers

24.99%, variable

13.24%, variable

24.99%, variable

23.24%, variable

Annual Fee

\$0

\$59

Transfer   Fee

3% of neutralize transferred

\$0

Excellence   Period

20 days

25 days

Late   Reimbursement Fee

\$25

\$35

Rewards   Program

No

Yes
8. Which undivided of these brace card options would you pick-out restraint your identical reason? Provide buttress restraint your judgment, because which three attributes are most significant to you and trade-offs that you are allureing to sanction. Your counterpart should be at smallest 100 opinion.

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