The time value of money | business | Colorado College

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.

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This interest calculator will show how much total interest Mark will pay.

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.

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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.

35

Assignment-Specific: Identified strategy (or strategies) for paying off debt sooner.

35

Assignment-Specific: Demonstrated understanding of the lesson.

30

Organization: Assignment presents information logically and is clearly relevant to discussion topic.

15

Professional Language: Assignment contains accurate grammar, spelling, and punctuation with few or no errors.

10

Total Points

125

Total Points Earned

Reference

ConsumerCredit.com. (2020). Credit card interest calculator. Retrieved from https://www.consumercredit.com/financial-education/financial-calculators/credit-card-interest-calculator

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