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## Paying the minimum payment on a credit card versus paying extra to get the credit card paid off early.

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 wish, 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, reading through list of questions, and taking notes on what you come up with. Scenario 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 “Credit Card and Compound Interest Worksheet” and first use Part 1) Determine the number ofDate

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 2 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 in your essay: 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? 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, grammar, and mechanics. There should be no evidence of plagiarism. If you are unsure about what constitutes plagiarism, please review the plagiarism policy.Keep in mind that when you post, you should include references to the textbook and any material found online