How much debt do people typically have? This Data Crunch compares the debt held by different generations. Follow the directions on the worksheet to complete this activity.

Question

asked Mar 13, 2024 120k views

1 Answer

Kii · Answer 1 · 2024-03-17T21:05:27+0000

Answer:

Step-by-step explanation:

MATH: The Cost of Minimum Payments

In this activity, students will be able to:

Calculate the interest accrued when paying minimum payments.

Explore how different monthly payment amounts will impact the total interest paid and balance remaining after 5 months on a $5000 debt with 25% APR.

Reflect on the additional interest costs associated with only paying the minimum payment on a credit card balance.