Math 1050 - College Algebra |
![]()
|
Reflection:
From this assignment, I learned that credit card interest is outrageous. I always knew that I would never use a credit card, but this has just shown me exactly why. The thought that you could be paying just a few dollars per month towards the principle amount when making the minimum monthly payment is mind-boggling.
This assignment has given me the tools to be able to make better financial decisions by teaching my how to calculate the interest in any kind of loan (ex. a car loan or mortgage). This will be helpful when deciding how much I can afford or help me be able to figure out how long it will take to pay off a certain debt.
Interest has always been known to me, but from this I have learned the significance of the mathematical portion and I now have a greater understanding of the concept mathematically. The idea that the more often something compounds, the more money you will owe in interest was a eye-opener, but one that I am happy to understand.
From this assignment, I learned that credit card interest is outrageous. I always knew that I would never use a credit card, but this has just shown me exactly why. The thought that you could be paying just a few dollars per month towards the principle amount when making the minimum monthly payment is mind-boggling.
This assignment has given me the tools to be able to make better financial decisions by teaching my how to calculate the interest in any kind of loan (ex. a car loan or mortgage). This will be helpful when deciding how much I can afford or help me be able to figure out how long it will take to pay off a certain debt.
Interest has always been known to me, but from this I have learned the significance of the mathematical portion and I now have a greater understanding of the concept mathematically. The idea that the more often something compounds, the more money you will owe in interest was a eye-opener, but one that I am happy to understand.