Mark has a credit card with a $5,000 balance. His interest rate is 19%, and the credit card company requires a minimum 2% payment, this is $100 per month.
Write a short paper (300–500 words) that answers the following questions:
- How long will it take for Mark get his balance to $0? (Use the interest calculator linked above.)
- What strategies should Mark use to pay off the card sooner?
Please submit your assignment.
For assistance with your assignment, please use your text, Web resources, and all course materials.
Individual Project Rubric
The Individual Project (IP) Grading Rubric is a scoring tool that represents the performance expectations for the IP. This Individual Project Grading Rubric is divided into components that provide a clear description of what should be included within each component of the IP. It’s the roadmap that can help you in the development of your IP.
ExpectationPoints PossiblePoints EarnedCommentsAssignment-Specific: Accurately determined the length of time to pay off debt.
Assignment-Specific: Identified strategy (or strategies) for paying off debt sooner.
Assignment-Specific: Demonstrated understanding of the lesson.
Organization: Assignment presents information logically and is clearly relevant to discussion topic.
Professional Language: Assignment contains accurate grammar, spelling, and punctuation with few or no errors.
Total Points Earned
ConsumerCredit.com. (2020). Credit card interest calculator. Retrieved from https://www.consumercredit.com/financial-education/financial-calculators/credit-card-interest-calculator