This activity requires students to calculate the length of time needed for full debt to be repaid in different situations with a varied credit card debt, minimum payment, and APR.
Purpose for participants:
This activity aims to teach students the method to find out how long would it take to pay fully repaid their debt if they only repay the minimum payment. Students will also be able to understand the total debt they need to repay varies when the amount of money repaid every month is different. So that they can have a better decision on how much money should they repay at the end of the month.