Tuesday, February 8, 2011
The Debt Calculator Challenge
Calculating your debt is a very important step to take before deciding to take on any debt yourself. I challenge you today to calculate the debt of these two scenarios and respond back in our comment section. The first 3 people who comment back correctly and tell us what they learned from the exercise get free Credit Union Graphic T-Shirts! Let the challenge begin!
Scenario 1- Tom walks into Best Buy and purchases a Apple Macbook for $1,300. If he chooses to get the BestBuy Rewards card, with a 16% interest rate, how long would it take him to pay off the balance by only paying a $40 minimum payment?
Scenario 2 - Melanie goes into a used car lot and purchases a Gremlin for $4,500 at 19% interest. If she pays only $120 a month, how long would it take her to pay off the balance?
Remember to comment in with the answers and your full name and address so we can send you some CU*SWAG!