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Option 2: Mastercard with $65 annual fee and 13.99% APR (1.1658% per month) Month Balance Finance Charge New Balance Minimum Payment Ending Balance 1 $1000.00 $11.66 $1011.66 $21.66 $990.00 2 $990.00 3 4 5 G 7 8 9 10 11 12 Investigation 2: Three friends each spent $10,000 on their brand new credit cards with a 3% monthly interest rate. They've decided that they will not make any other purchases on their cards until they pay off the debt and all make varying amounts of monthly payments. Cecilia can set aside $400 per month to pay back her debt. Sharon can only pay $125 per month. Alexander can pay $1000 per month for his credit card. After 5 months. how much will each person have paid in finance charges so far and how much will they still have to pay back? Use the blank tables below for your calculations Cecilia: Month Balance 1 Finance Charge New Balance Payment Ending Balance 2 3 Sharon: Month Balance 1 Finance Charge New Balance Payment Ending Balance 2 3 4 5 Alexander: Month Balance 1 Finance Charge New Balance Payment Ending Balance 2 5 Complete the table below, assuming the monthly charges given. Note that the "New Charges" column is blank for months 7 and 8. Decide an amount for those months and fill in the spaces. Month Beginning New Charges Finance New Balance Payment Amount subject to Balance Charge interest next month (based on (Ending Balance) Beginning Balance) $0.00 $1794.57 $0.00 $1794.57 $1794.57 $0.00 1 2 2 $0.00 $2053.42 $0.00 $2053.42 S2000.00 $53.42 3 $53.42 $1981.04 4 $2743.96 5 $1821.34 6 $1935.77 7 B How much total did you pay in Finance Charges? Investigation 2: Three friends each spent $10,000 on their brand new credit cards with a 3% monthly interest rate. They've decided that they will not make any other purchases on their cards until they pay off the debt and all make varying amounts of monthly payments. Cecilia can set aside $400 per month to pay back her debt. Sharon can only pay $125 per month. Alexander can pay $1000 per month for his credit card. After 5 months, how much will each person have paid in finance charges so far and how much will they still have to pay back? Use the blank tables below for your calculations. Cecilie: Month Balance 1 Finance Charge New Balance Payment Ending Balance 2 3 4 5 Sharon: Month Balance Finance Charge New Balance Payment Ending Balance Page 3 of 8 Credit Card - Student Work Document 3 Alexander: Month Balance 1 Finance Charge New Balance Payment Ending Balance N 3 4 5 For each person, give the total Finance Charge they have paid so far and their remaining balance: Name Total Finance Charge Remaining Balance Cecilia Sharon Aloxander Option 2: Mastercard with $65 annual fee and 13.99% APR (1.1658% per month) Month Balance Finance Charge New Balance Minimum Payment Ending Balance 1 $1000.00 $11.66 $1011.66 $21.66 $990.00 2 $990.00 3 4 5 G 7 8 9 10 11 12 Investigation 2: Three friends each spent $10,000 on their brand new credit cards with a 3% monthly interest rate. They've decided that they will not make any other purchases on their cards until they pay off the debt and all make varying amounts of monthly payments. Cecilia can set aside $400 per month to pay back her debt. Sharon can only pay $125 per month. Alexander can pay $1000 per month for his credit card. After 5 months. how much will each person have paid in finance charges so far and how much will they still have to pay back? Use the blank tables below for your calculations Cecilia: Month Balance 1 Finance Charge New Balance Payment Ending Balance 2 3 Sharon: Month Balance 1 Finance Charge New Balance Payment Ending Balance 2 3 4 5 Alexander: Month Balance 1 Finance Charge New Balance Payment Ending Balance 2 5 Complete the table below, assuming the monthly charges given. Note that the "New Charges" column is blank for months 7 and 8. Decide an amount for those months and fill in the spaces. Month Beginning New Charges Finance New Balance Payment Amount subject to Balance Charge interest next month (based on (Ending Balance) Beginning Balance) $0.00 $1794.57 $0.00 $1794.57 $1794.57 $0.00 1 2 2 $0.00 $2053.42 $0.00 $2053.42 S2000.00 $53.42 3 $53.42 $1981.04 4 $2743.96 5 $1821.34 6 $1935.77 7 B How much total did you pay in Finance Charges? Investigation 2: Three friends each spent $10,000 on their brand new credit cards with a 3% monthly interest rate. They've decided that they will not make any other purchases on their cards until they pay off the debt and all make varying amounts of monthly payments. Cecilia can set aside $400 per month to pay back her debt. Sharon can only pay $125 per month. Alexander can pay $1000 per month for his credit card. After 5 months, how much will each person have paid in finance charges so far and how much will they still have to pay back? Use the blank tables below for your calculations. Cecilie: Month Balance 1 Finance Charge New Balance Payment Ending Balance 2 3 4 5 Sharon: Month Balance Finance Charge New Balance Payment Ending Balance Page 3 of 8 Credit Card - Student Work Document 3 Alexander: Month Balance 1 Finance Charge New Balance Payment Ending Balance N 3 4 5 For each person, give the total Finance Charge they have paid so far and their remaining balance: Name Total Finance Charge Remaining Balance Cecilia Sharon Aloxander

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