NewHomeICS17StevB

=**__ New Home Spreadsheet __**=

=**__ Compound Interest Spreadsheet __**=


 * || APR=15% || Compound Interest ||  ||
 * Principle || %/month || Amount Due || Payment ||
 * $10,000.00 || 1.25% || $10,125 || $371 ||
 * $9,754.00 || 1.25% || $9,876 || $371 ||
 * $9,504.93 || 1.25% || $9,624 || $371 ||
 * $9,252.74 || 1.25% || $9,368 || $371 ||
 * $8,997.40 || 1.25% || $9,110 || $371 ||
 * $8,738.86 || 1.25% || $8,848 || $371 ||
 * $8,477.10 || 1.25% || $8,583 || $371 ||
 * $8,212.06 || 1.25% || $8,315 || $371 ||
 * $7,943.71 || 1.25% || $8,043 || $371 ||
 * $7,672.01 || 1.25% || $7,768 || $371 ||
 * $7,396.91 || 1.25% || $7,489 || $371 ||
 * $7,118.37 || 1.25% || $7,207 || $371 ||
 * $6,836.35 || 1.25% || $6,922 || $371 ||
 * $6,550.81 || 1.25% || $6,633 || $371 ||
 * $6,261.69 || 1.25% || $6,340 || $371 ||
 * $5,968.96 || 1.25% || $6,044 || $371 ||
 * $5,672.57 || 1.25% || $5,743 || $371 ||
 * $5,372.48 || 1.25% || $5,440 || $371 ||
 * $5,068.64 || 1.25% || $5,132 || $371 ||
 * $4,760.99 || 1.25% || $4,821 || $371 ||
 * $4,449.51 || 1.25% || $4,505 || $371 ||
 * $4,134.13 || 1.25% || $4,186 || $371 ||
 * $3,814.80 || 1.25% || $3,862 || $371 ||
 * $3,491.49 || 1.25% || $3,535 || $371 ||
 * $3,164.13 || 1.25% || $3,204 || $371 ||
 * $2,832.68 || 1.25% || $2,868 || $371 ||
 * $2,497.09 || 1.25% || $2,528 || $371 ||
 * $2,157.31 || 1.25% || $2,184 || $371 ||
 * $1,813.27 || 1.25% || $1,836 || $371 ||
 * $1,464.94 || 1.25% || $1,483 || $371 ||
 * $1,112.25 || 1.25% || $1,126 || $371 ||
 * $755.15 || 1.25% || $765 || $371 ||
 * $393.59 || 1.25% || $399 || $371 ||
 * $27.51 || 1.25% || $28 || $371 ||

=__ Questions: __= =What are advantages and disadvantages of credit cards? Advantage- you can easily buy any item and pay it off with ease later. A huge disadvantage is impulse buying, meaning that if you don't keep purchase records, you could buy an item, putting you in debt and having you pay more due to fines.=

=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? This can affect my situation in the future by ruining my credit. Not knowing these will make it nearly impossible to continue to buy items and balance credit.=

=What is the most important idea you have learned from this lesson?- I believe that the most important thing I've learned is managing credit. This is the most important because you will deal with it all your life.=


 * **discretionary spending**- another term for wants.
 * **net worth**- the amount left when you subtract what you owe from what you own.
 * **giving**- another choice for spending your money such as donating your money.
 * **savvy shopping**- it is where you decide if the item is a need or a want, and if it's a want, wait a little bit to buy it.
 * **budget**- a road map for your money to follow.
 * **debt**-
 * **credit card pros and cons**- Pro: instant gratification, and convenience. You don't have to wait to buy a good. Con: too convenient, easy to overspend.
 * **debit card pros and cons**- Pro: accepted nearly everywhere. Con: if you spend more money than you have in your account, there are fees.
 * **borrow and down payment**- borrowing money from a bank but you eventually have to pay it back. It is usually 20% of the purchase price.
 * **APR**- annual percentage rate, interest expressed over a year- long period.
 * **credit score**
 * **public and private colleges**


 * **Making only the minimum monthly payment will get you out of debt quicker? True or False. Justify your answer with examples.** False, if you pay the minimum payment, it will take you longer to pay it off because the minimum payment will barely do anything to how much you owe. If i owe $10,000 with 15% interest in 20 years, I will be paying $40,000.
 * **The higher the interest rate, means you will pay less interest in the long run? True or False. Justify your answer with examples.** False, if you have a higher interest rate you will pay more in the long run.
 * **Paying down on the principal will get your out of debt faster? True or False. Justify your answer with examples.** True, if you pay down the principal, all you need to pay for now is the interest.
 * **You should pay off your credit card bill every month? True or False. Justify your answer with examples.** True, if you pay off your credit card bill every month, you will pay less since you are paying it off in a short amount of time.