Credit Card Debt Assignment Reflection:
In this assignment you learn how just making the minimum payments can lead to an extremely long payoff date and cost you thousands of dollars in interest payments. Just making an additional $25 payment each month you cut nearly 20 years off the length of the loan. Everyone can find $25 each month to save them thousands in the end.
The math used in this assignment is pretty basic but is some of the most important skills to have. These are great skills to have and can be applied to any financial situation. Whether in calculating a loan, or with savings and investment activities.
You use mostly multiplication and plugging in formulas. I had a good understanding of these before this activity, but I still liked using them in a real life application.
