1. Suppose you purchase a plasma screen television for $1100.00 with a First Premier credit card that has 79.9% APR. Assuming simple interest and no monthly payments, how much interest will you owe at the end of 12 months? What will the total cost of the television be?
2. Suppose you open a savings account with $1100.00 at a 0.5% annual interest rate. Assume simple interest. How much interest will your account accrue at the end of 12 months? What will be the balance of your account?
3. In one scenario you are the lender (to the bank) in the other scenario the credit card company is the lender. Compare and contrast the two different scenarios. Is this a fair situation?
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