Last year, you bought a car, new furniture and appliances and you took a trip to Montreal. Needless to say, you have accrued some debt. What is the total of the annual interest charges you will have to pay for the following debt you accrued on 3 different credit cards?

Credit Card Canadian Tire Mastercard TD Visa

MBNA Mastercard

Debt $10600 $1300 $4600

Interest rates per annum Interest amount = . . . 12.99%

18.25% 11%

Q 2. How much money could you have saved if you had consolidated all this debt by moving it to TD Bank PERSONAL LINE OF CREDIT bank account that offered you an annual rate of 6.99% ?

Q 3. How much money could you have saved if you had consolidated all this debt by moving it to TD Bank PERSONAL LINE OF CREDIT bank account that charges variable annual interest made up of two parts: TD Prime Rate plus a Variance: 4.700% + 6.730%?

Q 4. What if your bank increased the interest rates in the middle of the year because of a recession or other unexpected life events?

Recall that the variable annual interest is made up of two parts: TD Prime Rate plus a Variance: 4.700% + 6.730%. Now the variable rate of 6.730% was increased by the bank by another 10% in the last 6 months of the year.

Could you have saved more money if you had consolidated the same debt by moving it to TD Bank PERSONAL LINE OF CREDIT with a variable rate during a crisis or a recession?

Q 5. Calculate your CAGR/ Compound Growth Rate: If you had $8,500 in your retirement bank account and through your continued savings and investments, your assumed annual Compound Growth Rate rate was 7%, how much money would you have saved over the course of the next 5 years?

Answer rating: 100% (QA)

Q1 To calculate the annual interest charges for each credit card debt you can use the formula Debt Interest Rate Canadian Tire Mastercard Interest 106... View the full answer