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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? (Adjust Line 6)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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