Q: Approximately how long will it take Jenny to reduce her balance by half?
A: It will take approximately 15 years to take Jenny to reduce her balance by half.
Q: What is the final amount Jenny will pay to settle her credit card bill?
A: The final amount Jenny will pay to settle her credit card bill is $9983.63
Q: How much total interest will Jenny end up paying?
A: Jenny will end up paying $7483.63.
Q: During which year will more of her monthly payment go to the principal than to the interest?
A: During Jenny's 45th year more of her monthly payment will go to the principal than the interest.
Q: When Jenny goes to her 25-year high school reunion how much money will she still owe on the charges she made during her senior year?
A: When Jenny goes to her 25-year high school reunion she will still owe $873.23.
Q:When Jenny has paid off her account, she will be 65 years old and will have spent about $10,000 in interest. What could she have done differently? Answer this question with at least 5 ideas in full sentence form.
A: She could have (1) not gotten herself into debt in the first place, (2) not paid only the minimum balance each month, (3) used the debt snowball method to get out of debt faster, (4) not have used a credit card while she was so young or (5) not have even used a credit card in the first place.
Wow Brendan I am really impressed with your blog. you show lots of good information that really helped me understand and further my knowledge of credit.i eanjoy your story about that bad dog John the 3rd and also enjoyed your pictures of him wrAAAstling.
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