NewhomeicsHF15

Based on this lesson, on your NewHomecodeinitials wiki page, answer the 6 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.
 * 6) Making only the minimum monthly payment will get you out of debt quicker? True or False. Justify your answer with examples.
 * 7) The higher the interest rate, means you will pay less interest in the long run? True or False. Justify your answer with examples.
 * 8) Paying down on the principal will get your out of debt faster? True or False. Justify your answer with examples.
 * 9) You should pay off your credit card bill every month? True or False. Justify your answer with examples.

FYI but not part of the assignment: For additional information on Khan Academy: Online Calculator Are debit cards better?
 * Interest Part 2
 * Annual Percentage Rate
 * Compound Interest Calculator
 * How Big Banks Turn Prisons into Profit Centers