Imagine Friend is trying to save money for university but owes $6500 on their student credit...

 

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Imagine Friend is trying to save money for university but owes $6500 on their student credit card (20.99% interest rate). 1. Show how much compound interest Friend will have to pay the credit card company for 3 months if he does not pay anything or buy more things. (Application) Months Amount Owed Interest 1 $6500 New Amount Owed 2 3 2. How does owing money to the credit card company affect Friend's goal of saving money? Justify your thinking using words, reasoning, and numbers. (Thinking, Communication) Imagine Friend is trying to save money for university but owes $6500 on their student credit card (20.99% interest rate). 1. Show how much compound interest Friend will have to pay the credit card company for 3 months if he does not pay anything or buy more things. (Application) Months Amount Owed Interest 1 $6500 New Amount Owed 2 3 2. How does owing money to the credit card company affect Friend's goal of saving money? Justify your thinking using words, reasoning, and numbers. (Thinking, Communication)