Worksheet 8 she got her first credit card during her senior year of high school. But she charged Eighteen-year-old Jenny felt rich when Lup to her 82,500 credit limit the first month. Every month ater thal, she was careful about paying on time, but she only ‘Sent in the rinimum payment. With an interest rate of 19.8 percent—even though she never charged another fem—t will take her 47 YEARS lo pay off her account! Look at the chart and answer the questions that follow. CREDIT REALITY CHECK YEAR Payment Number Years of Payment Minimum $50.00 | 4066] $32.95] sze.s| s2t.63) $17.53, | Payment Que i im | | 341.25 | $33.54) $27.18] $2202] sized ste | st172) seas! $757) $3.52) S09 cc | | sie] svar | sro] sto | saan Interest Paid | Principal sazs| s711] $577) $467] $3.79) $3.07| rai | s2ag1 2slse026.74 $1,641.41 1,330. ray sian |srars7 |ss7aac | ss6.59| s207.03} so.00 $249 $202) $243) S648) Seat Balance Due | ; \ 4 Tora tnorest | $4125 2206.0 40476985 51867] 85705 1957.80 s 8450.03 Sa08206] 590442 83.515 2 8,900.69 Paid to Date | 1,626.77 |g 792.43 | $1,928 67 $2,048.41|52,292.97| $2, 500.0 | I Total Principal | - $8.75 | $474.29 $858.59] S1,16999) s1,422.3 | Paid to Date TOTAL PAID $12,483.63 © Approximately how long will it take Jenny to reduce @_When Jenny has paid off her account, she will be 65 her balance due by halt? years old and wil have spent about $10,000 in interest. ‘What could she have done differently? What is the tinal amount Jenny will pay to settle her credit cara bill? ae 2 © tow much total intrest wll Jenny wind up paying? — © uring wnich year will more of her monthly payment {g0 to the principal than to the interest? @ Wen Jenny goos to her 25-year high school reunion | how much money will she stil owe on the charges she made during her senior year? stetinn Oa at ne Mactar Yor En eoaram: on Fane responsbiy