1. You have two credit cards.
Credit card 1 has a balance of $7,512.33 with an APR of 21.25% and limit of $10,000.
Credit card 2 has a balance of $623.34 with an APR of 24.15% and limit of $7,500.
In your own words, which credit card should you focus on paying off first and why? Be sure to include the credit card AND the reason for paying this one off first.
2. You are looking for an account to invest your $19,000 in. You want to know how many years it will take to double if the account you are putting it into gets 2% APR. Using the Rule of 70, how many years should you be expecting to leave it sit?
3. Suppose we deposit $7,300 into a savings account which compounds daily with 5% APY and we want to know how much the account will be worth after two days.
Using the Simple Interest Formula (I = Prt), show your work for arriving at the account balance after two days.
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