|MATH102-1404A-22 Introduction to College Math|
|Task Name:||Phase 4 Discussion Board|
|Deliverable Length:||See assignment details|
Primary Discussion Response is due by Wednesday (11:59:59pm Central), Peer Responses are due by Sunday (11:59:59pm Central).
Task Background: Daily, we are bombarded with ads telling us to get a new credit card or to purchase a brand new refrigerator with little money down and 12 easy payments. Understanding these types of problems relies heavily on being able to convert a percent to a decimal, and on mastering working with percents in calculations, both which are key concepts we have learned in the past 3 ½ weeks. This assignment not only summarizes much of what we have learned in the course, but also prepares us for our final project.
Primary Task Response: Within the Discussion Board area, write 3–4 paragraphs that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
Task Assignment: Below, you will find two problems in the following areas: Open/Closed End Credit, and Simple Interest. Solve both of these problems. You must show all steps and every single calculation. Thoroughly explain how and why you did each calculation with complete sentences. Include discussion relating the problem to your own personal experiences or to the real world.
Open/Closed End Credit
Credit card companies try to attract new clientele by offering special introductory (or teaser) rates to new customers. For example, the Visa Student Card offers an interest rate of 0% on all purchases and balance transfers for six months. After six months, the rate increases to an annual interest rate of 10.8%. If, however, the customer is late on a payment or exceeds the credit limit, the interest rate jumps to the default rate of 24.8%.
You are shopping around for credit cards and are thinking about switching to the Visa Student Card. Your current credit card has an annual interest rate of 16.5%, and you usually have a large outstanding balance.
Many large appliance stores offer simple interest loans to their customers. For example, suppose a customer is interested in purchasing a $1,400.00 refrigerator at Myer Appliances. The customer is unable to pay the total amount at the time of purchase, so Myer’s lets the customer make a down payment of $140 and then 12 monthly payments of $120.75.
Part II: Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 1-paragraph reply about their Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions:
For assistance with your assignment, please use your text, Web resources, and all course materials.
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