NewHomeMCA


 * **How would**
 * You Spend $10,000 Dollars** ||||  ||
 * ||  |||| **Total Spent** |||| **Total Remaining:** ||
 * ||  |||| **$2,627.91** |||| **$7,372.09** ||
 * ** Item ** || ** Description ** || ** Item Value ** || ** Luxury **
 * Necessity ** || ** Online Source ** ||  ||
 * Microwave || Black microwave oven || $49 || necessity || __ http://www.walmart.com/ip/Hamilton-Beach-0.7-cu-ft-Microwave-Oven/20563927 __ ||  ||
 * Mattress + bed frame set || Full bed; Foam mattress || $274 || necessity || __ http://www.walmart.com/ip/Best-Price-Quality-2-Piece-6-Memory-Foam-Mattress-and-Bed-Frame-Set/42410760 __ ||  ||
 * Refrigerator || White || $499 || neccesity || __ http://www.walmart.com/ip/Danby-10-cu-ft-Refrigerator-White/28519031 __ ||  ||
 * Sofa + coffe table || Black || $349.00 || neccesity || http://www.walmart.com/ip/Small-Spaces-Living-Room-Value-Bundle/20753576 ||  ||
 * Washer || Portable washing machine || $249.00 || neccesity || http://www.walmart.com/ip/Haier-1.0-Cubic-Foot-Portable-Washing-Machine/13346456 ||  ||
 * Dryer || Portable electric vented dryer || $319.00 || neccesity || http://www.walmart.com/ip/Haier-Portable-Companion-Electric-Vented-Dryer-HLP141E/28132473 ||  ||
 * Dishes || 16-Piece dinnerware set || $39.96 || neccesity || http://www.walmart.com/ip/Gibson-Home-Soho-Lounge-Square-16-Piece-Dinnerware-Set/10980399 ||  ||
 * Dishwasher || Countertop dishwasher || $219.00 || neccesity || http://www.walmart.com/ip/Danby-6-Place-Setting-Countertop-Dishwasher/16621133 ||  ||
 * Dinning set || 1 table, 4 chairs || $199.99 || neccesity || http://www.walmart.com/ip/Mason-5-Piece-Cross-Back-Dining-Set-Multiple-Colors/12164778 ||  ||
 * Lamp || Flor lamp; brushed steel || $49.97 || luxury || http://www.walmart.com/ip/BHG-BH14-020-299-07-Better-Homes-and-Gardens-Large-Shade-Floor-Lamp-Brushed-Steel/36442403 ||  ||
 * TV || VIZIO 42'' || $379.99 || luxury || http://www.walmart.com/ip/VIZIO-E420i-B0-42-1080p-120Hz-Class-LED-Smart-HDTV/38067903 ||  ||

Why do people use credit cards?
Because you can buy now and pay later.

What are advantages and disadvantages of credit cards?
Andvantage: can help you buy things you can't afford. Disadvantage: If you buy a lot of things you can owe a lot of money that you don't have.

What do the following terms mean? credit card, principal, APR, simple interest, monthly payments
Credit card: buy now pay later. Principal: amount before any add-ons (taxes, interest,etc.) APR: annual percentage rate. Simple interest: interest added to previous rate but calculated with principal rate. Monthly payments: amount you pay off per month.

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?
You can figure out how much to pay per month so the interest doesn't add up.

What is the most important idea you have learned from this lesson?
That the longer you take to pay a debt the more you owe.