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Summary
Let’s buy something expensive with a credit card and then make only the minumum payments!
- Students will find a credit card and note the APR.
- Next, they’ll “purchase” an expensive item and calculate the cost of interest after one year.
- Then, students will calculate the cost of interest after minimum payments for the first three months.
- Finally, using this interest calculator, they’ll determine how long it would take to pay off the debt using only minimum payments.
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