Scenario # 1 -MasterCard MasterCard sent you a fabulous new credit card offer in the mail....

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Scenario # 1 -MasterCard MasterCard sent you a fabulous new credit card offer in the mail. It is a special card with really low minimum monthly payment percent of 4%. In exchange for the low minimum monthly payment percent, MasterCard raised your APR to 18%. Fill out the chart and determine the amount of money you spent and your remaining balance. $1000 x .04= 1000-40= 960X.18 960+1729 Month Balance (Hint: This is last month's final balance) New Total Money Spent this Month (Balance +Money Spent) Minimum Payment Percent Actual Minimum Remaining Balance Payment (New Total *MPP) (New Total - Minimum Payment) Amount of Interest ($) (Remaining Final Monthly Balance (Remaining Balance APR Balance *APR) +interest) January $1,000.00 $1,000.00 4% $ 40 960 18% #172.80 $1132.80 February 1132.80 $0.00 1132.80 4% #43.31 $ 1087.49 18% 195.75 1283.24 4% March 1283.24 $0.00 1283.24 $31.33 #1231.91 18% 221.74 1453.65 4% April 1453.65 $1 $0.00 1453.6% 58.15 18% 4% 18% May $0.00 4% 18% June $0.00 4% 18% July $0.00 4% 18% August $0.00 4% 18% September $0.00 4% 18% October $0.00 4% 18% November $0.00 4% 18% December $0.00 Add all minimum payments together to find out how much you have paid so far. Put this answer in the box to the right. Scenario # 1 -MasterCard MasterCard sent you a fabulous new credit card offer in the mail. It is a special card with really low minimum monthly payment percent of 4%. In exchange for the low minimum monthly payment percent, MasterCard raised your APR to 18%. Fill out the chart and determine the amount of money you spent and your remaining balance. $1000 x .04= 1000-40= 960X.18 960+1729 Month Balance (Hint: This is last month's final balance) New Total Money Spent this Month (Balance +Money Spent) Minimum Payment Percent Actual Minimum Remaining Balance Payment (New Total *MPP) (New Total - Minimum Payment) Amount of Interest ($) (Remaining Final Monthly Balance (Remaining Balance APR Balance *APR) +interest) January $1,000.00 $1,000.00 4% $ 40 960 18% #172.80 $1132.80 February 1132.80 $0.00 1132.80 4% #43.31 $ 1087.49 18% 195.75 1283.24 4% March 1283.24 $0.00 1283.24 $31.33 #1231.91 18% 221.74 1453.65 4% April 1453.65 $1 $0.00 1453.6% 58.15 18% 4% 18% May $0.00 4% 18% June $0.00 4% 18% July $0.00 4% 18% August $0.00 4% 18% September $0.00 4% 18% October $0.00 4% 18% November $0.00 4% 18% December $0.00 Add all minimum payments together to find out how much you have paid so far. Put this answer in the box to the right.