week 5 assignment 2

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PURPOSE: Students analyze the impact of making a monthly budget meet by making minimum payments on a credit card. Though this is an option some people use, this assignment shows students the hidden drawbacks of this practice.

INSTRUCTIONS:

Many people find they come up short on cash at the end of the month. To make ends meet, some choose to make a minimum payment on a credit card rather than paying off the entire bill. Since most credit cards only require us to pay off a small percentage of our balance, this may seem like a great option. However, only making the minimum payment can cause problems we may not even realize. 

  1. Read the article at http://www.nerdwallet.com/blog/tips/credit-score/minimum-payment-credit-card/ (Links to an external site.), then read and complete the attached worksheet.

Credit Card Payments Worksheet