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Credit Card PayoffScenario: You have a credit card with a spending limit of $3,000. Research a major purchase (>$1,000). Include the website as a proof of purchase. Line 1Major PurchaseLine 2PriceLine 3WebsiteCredit Card Payoff Calculator Line 4Credit Card BalanceLine 5APR24.99%Line 6Payment Per Month(5% of your balance)Line 7Months to PayoffLine 8Total Interest PaidLine 9Total Cost of Purchase(Balance + Interest)If the credit card company required an 11% minimum monthly payment, what would your monthly payment be? (Put adjustment to Line 6 below)What happen to the total cost of the purchase? (Increase or Decrease? By how much?)If you wanted to pay it off in 1 year, what would your minimum payment need to be? ................
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