Credit Card Amortization Worksheet by xusuqin

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									                               CREDIT CARD AMORTIZATION
                       CALCULATE THE INTEREST AND PAYOFF INFORMATION
      You have purchased the following iPhone. Calculate the interest paid, months/years to pay off
       and the total amount that you will repay to each of these items using the calculator shown
       below.
      Choose an item you would like to purchase and charge on a credit card. Use various rates of
       interest, payments you could make to see the difference scenarios in using credit cards.

Go to the following website to calculate the following information:
http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx
Remember to think how much it is going to cost you to buy that item on credit!!!!!

                                                              Interest    Number of
                              APR (Annual     Minimum or        Paid       months/         Total
 Principal                    Percentage       Monthly                   years to Pay    Amount to
 Balance                         Rate)         Payment                      in Full      be Repaid
                                  18%             2%          $113.95     35 months       $512.95

                                  18%             4%

                                  18%            $100
   $399
                                  12%             2%
                iPhone 4
                                  12%             4%

                                   8%             2%

								
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