Need a reflective essay (draft or 4-5 well thought out paragraphs. No need for APA unless you really want to, but I can do that myself) that addresses one of the following scenarios:

Payingtheminimumpaymentonacreditcardversuspayingextratogetthecreditcardpaidoffearly.

As a basis will need to make at least one calculation that illustrates the following scenario.

Need to address various questions/issues in the following scenario.

Scenario A: Paying the minimum payment on a credit card versus paying extra to get the credit card paid off early.

• Choose a credit card balance between $5,000 and $15,000 to do your calculations, using an 18% APR.
• Access the "Credit Card and Compound Interest Worksheet" and first use Part 1) Determine the number of years of payments needed based on the credit card debt, interest rate, and payments size, then use Part 2) Determine a payment based on credit card debt, interest rate, and number of years until paid off.

Use Parts 1 and 2 to perform the following calculations:

• Calculate how long it would take to pay off the credit card balance paying only the minimum payment.
• Choose an amount of time between 2 and 10 years and calculate the monthly payment required to pay off the credit card balance in that amount of time.
• Choose any amount over the minimum monthly payment and determine how long it would take to pay off the credit balance.

Address the following questions in your essay:

• Do you think credit cards are a wise way to pay for things?
• Do you think credit cards are necessary?
• What would keep you from paying extra on the credit card?
• What would it mean to you to be able to pay the credit card off early?
• Whatwouldyoubewillingtogiveupordotodobeabletopayextraonthecredit?

(I have attached a credit card and investment worksheet.)

Thank you so much for the help

MM150 Unit 6 Discussion Board Calculator Choose Scenario A or Scenario B and enter values in the cells marked with gray arrows. When you enter a value, the spreadsheet will advance to the next editable cell. Scroll up or down to view the desired area of the spreadsheet. Scenario A: Paying the minimum payment on a credit card versus paying extra to get the credit card paid off early. 1. Calculate how long it would take to pay off the credit card balance paying only the minimum payment. Credit card balance Yearly interest rate Estimated minimum payment Number of years to pay off: $15,000.00 Enter an amount between $5,000 and $15,000 18% This is set to 18%. $230.00 Enter your estimated minimum montly payment. 21.43 This is the number of years rounded to the nearest hundredth. If you get an error here, you have chosen a monthly payment that is too small for your credit card balance. 2. Calculate the monthly payment required to pay off the credit card balance in an amount of time between 2 and 10 years. Credit card balance Yearly APR Estimated number of years. Payment needed to pay off: $15,000.00 This is the same credit card balance from Part 1. 18% This is the same APR from Part 1. 3 ENTER a number of years (between 2 and 10 years) you would like to have your credit card paid off in. $542.29 This is the monthly payment that would be required to pay off the balance in the chosen number of years. 3. Choose any amount over the minimum monthly payment and determine how long it would take to pay off the credit card balance. Credit card balance Yearly APR Estimated monthly payment. Number of years to pay off: $15,000.00 This is the same credit card balance from Part 1. 18% This is the same APR from Part 1. $600.00 ENTER an amount that is greater than the minimum monthly payment (Cell B7) from Part 1. 2.63 This is the number of years rounded to the nearest hundredth. Since you are paying more than the minimum monthly payment chosen in Part 1, the number of years here will be less than what you obtained in Part 1. Scenario B: Investing a smaller amount beginning early in life versus investing more each month beginning later in life. 1. Determine the future value of an investment based on monthly payment, number of compounding periods, number of years you are investing, and interest rate. Payment Compounding Periods Per Year Number of years to make this investment Annual (yearly) interest rate Amount in your account $100.00 ENTER an amount between $100 and $500. This is the amount that you will deposit into the account each month. 12 This is set to 12 according to Scenario B. 20 ENTER a number of years between 20 and 30 for your investment account to grow. 3.50% CHOOSE an interest rate between 3% and 10% and then click TAB to move to the next cell. $34,686.93 This is the amount of money in your account at the end of the chosen time period. 2. Determine the future value of the investment based on a shorter number of years investing. Payment Compounding Periods Per Year Number of years to make this investment Annual (yearly) interest rate Future value of your account $100.00 This is the amount from your previous calculation. 12 This is set to 12 according to Scenario B. 10 ENTER a number of years between 5 and 15 for your investment account to grow. 3.50% This is the interest rate from your first calculation. $14,343.25 This is the amount of money in your account at the end of the chosen time period. Because you are investing for a much shorter length of time, this amount should be less that the amount from Part 1. 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0%