Question;Unit 5: Instructor Graded Assignment;Consumer Credit;In;this and future Instructor Graded Assignments you will be asked to use the;answers you found in the Unit 1 Assignment.;Note;For these questions you need to cite a reliable source for information, which;means you cannot use sites like Wikipedia, Ask.com?, and Yahoo? answers. If you do use those sites the;instructor may award 0 points for your response.;The;Assignment problems must have the work shown at all times. The steps for;solving the problems must be explained. Failure to do so could result in your;submission being given a 0. If you have any;questions about how much work to show, please contact your instructor.;Assignments must be submitted as aMicrosoft Word?document and uploaded to the Dropbox for Unit 5. Please;type all answers directly in thisAssignment;below the question it applies to.;AllAssignments are due by Tuesday at;11:59 PM ET of the assigned Unit.;Note:All interest rates are to;be assumed to be yearly interest;rates.;For this assignment you;will need the prime interest rate, as posted in the Wall Street Journal?.;Use;the Internet to search for the current prime interest rate.;?;List the current prime;interest rate;Question 1;(5;points);1.;You have a credit card that is charging you 9.9% + the current prime rate. What;is that interest rate on the credit card today?;Question 2;(5;points);2.;If this same card were issued 30 years ago, what would your interest rate be?;In the event that there were multiple prime interest rates for a year, use the;one that is 30 years from the day your class started. Use the Internet to determine;what this rate is.;Question 3;(20;points);3.;In the month of April, your credit card (which is charging you 9.9% + the;current prime interest rate) has a balance of $1000. On April 3rd you charge;$100, then on April 20th you put 15 gallons of gas on the card. On April 23rd;your payment of $400 arrives and is posted to your account. Finally, on April;27th you charge all of your food for the month for your family of 4.;a);What is your average daily balance at the end of the month on this card? Hint;You will need to research and find the cost of gas and food in order to solve;this. Use the national average as of four months before the date Assignment is;due. For instance, if your Assignment is due November 3rd, 2012, use the July;2012 national average.;b);How much interest will your card charge you this month, assuming interest is;charged on the average daily balance?;c);If this card were using the interest rates of 30 years ago, how much interest;would your card charge you this month?;Essay (15;points)5. Search for a consumer research site such as;Source;Bankrate.com (n. d.). Retrieved fromhttp://www.bankrate.com;Research;and find three credit cards offered by three different companies. Write an;essay on which credit card is the best and why you think it is the best. In your essay look at things like the;interest rate, grace period, annual fees and compare those between the cards;but in the end you must make a decision on which card you like best and why.;(Note: Professors are free to pick three cards for you to research if they;wish, please check with your teacher for specific requirements on this;question).;Requirements;?;Write;your essay in this document ? do not save it in a separate file.;?;You must;clearly state your position with well-structured paragraphs using proper;grammar, spelling, and sentence structure.;?;This is;not an ?opinion? question ? you must offer evidence to support your position;using properly cited sources.;?;Your;answer must be between ?-1 page in length.;?;You must;cite and reference at least one source (book, website, periodical) using APA;format.;?;Do not;use unreliable sources such as Wikipedia, and Yahoo! Answers.;You may submit;your Assignments to the Math Center for review. Tutors will not grade or;correct the Assignment, but they will provide guidance for improvement. Tutors;will not, however, help you find web sites for the Assignment.;Be sure;to submit Assignments early enough to receive feedback and make corrections;before the Assignment due date (24 hour turn-around times Monday-Thursday and;48 hour turn-around times on weekends are typical).
Paper#60310 | Written in 18-Jul-2015Price : $29