Math 1050
Credit card debt assignment
This project has taught me a lot about the real world and dealing with my own credit cards and how to manage them the right way. I have learned that paying a moderate amount above the minimum payment is the best method to pay off your credit card. Unless of course you can pay it off in large amounts. I also learned that it is best to have a credit card with a low interest rate.
The math that I used in this project can be applied to other real life situations like, when buying a home or a car or any other large purchase when you have to make payments and deal with interest rates. I am sure there are other areas where you will use this information but these are the first ones that pop into my mind.
This project involved the mathematical equation of annual percentage rates. This project helped me to better understand the concept because I used it and reused to figure out how many months it would take to pay of the debt. Anyways I will use this information again when I am trying to figure out how much I should be paying on my credit cards, but hopefully I will never go into debt.
The math that I used in this project can be applied to other real life situations like, when buying a home or a car or any other large purchase when you have to make payments and deal with interest rates. I am sure there are other areas where you will use this information but these are the first ones that pop into my mind.
This project involved the mathematical equation of annual percentage rates. This project helped me to better understand the concept because I used it and reused to figure out how many months it would take to pay of the debt. Anyways I will use this information again when I am trying to figure out how much I should be paying on my credit cards, but hopefully I will never go into debt.