Does the existence of an affinity credit card create a conflict of interest for a university if and when it adopts an education program on credit card misuse and debt management?

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Keith LeannonLv2

28 Sep 2019

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Today (T=0), you have $10,000 in credit card debt with an APR of 15.0% and your credit card requires no monthly payment. If you could take some actions to increase your credit score by 50 points, your APR would change by 2.5%. HINT: Calculate the EAR and interpret the direction (+/-) of the change in APR. Which statement is most accurate if you plan to make no payments on your credit card over the course of the next year:

A. Opening and immediately closing several new credit cards could improve your credit score by 50 points, thus saving you $250 in credit card interest over the course of the next year.

B. Opening and immediately closing several new credit cards could improve your credit score by 50 points, thus saving you $283 in credit card interest over the course of the next year.

C. Opening and immediately closing several new credit cards could improve your credit score by 50 points, thus saving you $290 in credit card interest over the course of the next year.

D. Resuming regular payments on delinquent accounts could improve your credit score by 50 points, thus saving you $283 in credit card interest over the course of the next year.

E. Resuming regular payments on delinquent accounts could improve your credit score by 50 points, thus saving you $290 in credit card interest over the course of the next year

Interest rates on credit cards can range between 7% and 36%. Each month, credit card companies calculate the minimum payment of a credit card based on the current Math 104, Spring 2016 2 balance on the card (for instance, some credit cards require you to pay 3% of the current balance each month).

Cara recently made a $800 purchase with her credit card to buy a laptop. Her credit card has a 20% interest rate, compounded monthly. Cara decides she will pay $25 a month (this is bit higher than the minimum payment)

(a) How long will it take Cara to pay off the balance on her credit card? Round your answer to the next month.

(b) Using your answer from (a), approximately how much will she have pay in interest?

3. You owe your credit company $50,000 and plan to make nopayments on your credit card for 1.0 year. Your credit card companycurrently charges you an APR of 20.0%. If you make efforts toimprove your credit score by 100 points, your credit card companywill adjust your APR by 4.0%. As the result of you efforts, howmuch less interest would you pay over 1.0 year?

$1,386
$2,000
$2,356
$2,443
$3,412

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