NewHomeGA

=Questions:= =Why do people use credit cards?= People use credit cards if they do not have the money on their person at the moment or just for pure convenience. =What are advantages and disadvantages of credit cards?= Advantages:Very convenient, can buy whatever you want and don't have to pay at the moment Disadvantages:Can lead to impulse buying and can unfortunately also lead to debt

=What do the following terms mean? credit card, principal, APR, simple interest, monthly payments= credit card-a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit. principal- the first amount that you owe APR-The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan. This includes any fees or additional costs associated with the transaction. simple interest- rent on the money that you already owe monthly payment-The amount of money that you have to pay(fee) a month for a service. =How can understanding the math calculations for the principal, APR, simple and compound interest, and monthly payments of credit card debt affect your overall financial situation in the future?= If you know what to do in the future you will be able to be in a better financial state down the road because you know how to compute these financial situations.

=What is the most important idea you have learned from this lesson?= That compound interest can make a big difference down the road later in life.

Based on this lesson, on your NewHomecodeinitials wiki page, answer the 5 QUESTIONS in Bold AT THE TOP of this NewHome assignment page. Provide evidence from the spreadsheet, Khan Academy or the online calculator to explain your answer.
 * 1) Create a new wiki page for you to use called NewHomecodeinitials.
 * 2) Open your student_purchases spreadsheet in Open Office. Select the cells with data. use Ctrl C to copy the data. On your NewHome wiki page. paste the data (Ctrl V). Save the page. (Do not worry if you have not spent $10,000 or have not bought 21 items.) (See sample page)
 * 3) On Khan Academy view: Introduction to Interest (simple and compound) You will not be required to make calculations based on Khan Academy example. However,watch it to better understand the relationships of the principal (balance owed), the Average Percentage Rate (APR), the interest calculations, and the monthly payments. Note that although many of you were surprised at the relationship between the principal (balance owed) and monthly payments, the formula used for the calculations on the student_purchases spreadsheet was much simpler than the actual calculations a credit card company would use.
 * 4) Experiment with an online Calculator: Simple Interest Calculator Enter a principal value of $10,000. Enter an interest rate of 15%. Calculate for 5 years. Experiment with other values and percentages and years.
 * 5) In pairs, discuss the following questions.The answers do not have to be written on the wiki page.
 * Making only the minimum monthly payment will get you out of debt quicker? True or False. Justify your answer with examples.
 * The higher the interest rate, means you will pay less interest in the long run? True or False. Justify your answer with examples.
 * Paying down on the principal will get your out of debt faster? True or False. Justify your answer with examples.
 * You should pay off your credit card bill every month? True or False. Justify your answer with examples.


 * ** Item ** || ** Description ** || ** Item Value ** || ** Luxury **
 * Necessity ** || ** Online Source ** ||  ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * couch || green and can turn into pull out couch || $260 ||  || http://www.urbanoutfitters.com/urban/catalog/productdetail.jsp?id=25798646&color=030&cm_mmc=SEM-_-Google-_-PLA-_-82530379624product_type_l1a%26product_type_l2furn%26product_type_l3&adpos=1o4&creative=51636898504&device=c&matchtype=&network=g&gclid=CMDKse-dt8MCFY_m7Aod4BsABw#/ ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * bed || Sabrina modern bed || $350 ||  || http://www.gilt.com/brand/design-studios/product/1060800016-design-studios-sabrina-modern-bed?utm_source=google&utm_medium=CPC&utm_campaign=PLA&gclid=COuMvuWet8MCFYIdgQodfG0Afg ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * tv || 51 inch Samsung tv || $430 ||  || http://www.bestbuy.com/site/samsung-51-class-50-3-4-diag--plasma-720p-hdtv-black/8240051.p?id=1218866284933&skuId=8240051&ref=06&loc=01&ci_src=14110944&ci_sku=8240051&extensionType=pla_multichannel:g&s_kwcid=PTC!pla!!!78939673751!g!!49454503871&kpid=8240051&k_clickid=1e7b99ab-5e4f-3469-82f5-00005bdd3b7f&kpid=8240051&lsft=ref:212,loc:1&ksid=1e7b99ab-5e4f-3469-82f5-00005bdd3b7f&ksprof_id=16&ksaffcode=1471&ksdevice=c&gclid=CJ334JKgt8MCFcodgQod9kMAUg ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * massage chair || human touch ijoy active 2.0 || $500.00 ||  || [] ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * Vintage refrigerator || nostalgia electrics retro series || $200.00 ||  || [] ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * stove || Whirlpool electric range || $400.00 ||  || [] ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * jacuzzi || bestway Lay-Z spa Miami || $400.00 ||  || [] ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * easy bake oven || oven and microwave || $40.00 ||  || http://www.target.com/p/easy-bake-ultimate-oven/-/A-13391040?ref=tgt_adv_XSG10001&AFID=google_pla_df&LNM=13391040&CPNG=Toys&kpid=13391040&LID=34pgs&ci_src=17588969&ci_sku=13391040&gclid=CJy-z93FxsMCFU8vgQodb0cAHg ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * 1,000 plastic sporks || white all purpose utensil || $12.00 ||  || [] ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * bear fur rug || fake grizzly skin rug || $39.00 ||  || [] ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * candle || Richland Votive pink scented || $4.99 ||  || [] ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * washer machine || Maytag front loading washer || $63.99 ||  || [] ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * clothes line || 84 inch galvanized steel || $29.28 ||  || [] ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * mirror || Alita round mirror || $230.00 ||  || [] ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * computer || notebook laptop || $67.99 ||  || [] ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * vacume || Dirt Devil || $17.99 ||  || http://www.walmart.com/ip/14321020?wmlspartner=wlpa&adid=22222222227000433927&wl0=&wl1=g&wl2=c&wl3=40343952392&wl4=&wl5=pla&wl6=52127871289&veh=sem ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * paper plates || 100 count || $2.00 ||  || [|https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=paper+plates&safe=strict&tbm=shop&spd=2779135646658403421] ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * shower curtain || interdesign 72x72 || $12.22 ||  || [] ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * paper cups || solo white 100 count || $2.82 ||  || [] ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * hangers || 10 count || $3.99 ||  || [] ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||
 * table ||  ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||   ||