Using information from an internet source, determine the current interest rate a credit card or loan Suppose you borrow $1,000 (or spend $1,000) on a credit card How much will you owe in one month 6 months if you pay nothing for 6 months Compute the 6 month cost in two ways Make 6 monthly computations Enter these as formulas in a spreadsheet (The goal here is really getting you to use spreadsheets and formulas for computations ) Use the formula, A 1000 (1 r) (N) where N the number of periods (6) and r the periodic interest rate APR 12, where APR is the annual percentage rate Here are a couple of options to research loans that do not require personal information Top10PersonalLoans , Credit Karma

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Question: Using information from an internet source, determine the current interest rate a credit card or loan. Suppose you borrow $1,000 (or spend $1,000) on a

Using information from an internet source, determine the current interest rate a credit card or loan. Suppose you borrow $1,000 (or spend $1,000) on a credit card. How much will you owe in one month? 6 months if you pay nothing for 6 months?

Compute the 6 month cost in two ways:

Make 6 monthly computations. Enter these as formulas in a spreadsheet. (The goal here is really getting you to use spreadsheets and formulas for computations.)
Use the formula, A= 1000*(1 + r)^(N) where N = the number of periods (6) and r = the periodic interest rate = APR/12, where APR is the annual percentage rate.

Here are a couple of options to research loans that do not require personal information. Top10PersonalLoans, Credit Karma.

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