Here is some information on increasing your wealth. Enjoy and try some out!!
Check out these videos on compound intererst.
Introduction to Compound Interest - Khan Academy
The Rule of 72 for Compound Interest - Khan Academy
| Increasing wealth also means keeping control of a person's debt. Below are some tables showing what debt can actually "cost" a person.
Payments and Finance ChargesMany people get credit cards to pay for goods and services. If you pay the full amount that you owe when your credit card bill arrives, you can avoid paying extra fees. However, if you only make the minimum payment, the interest or finance charges (the amount you pay for using credit) can really build up. The more money you owe on your credit card, the more the finance charges will be.Imagine you bought a fancy television set that costs $1,000 on a credit card with a 15 percent interest rate. Depending on how long you take to pay off your card balance, you could spend hundreds of dollars in interest.| Monthly Payment | Time to Pay off | Interest Paid | Total Cost of Loan | | $ 100.00 | 11 months | $ 74.91 | $ 1074.91 | | $ 50.00 | 1 year, 11 months | $ 157.91 | $ 1157.91 | | $ 30.00 | 3 years, 7 months | $ 301.66 | $ 1301.66 | | $ 20.00 | 6 years, 7 months | $ 579.11 (WOW!) | $ 1579.11
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The interest rate can make a big difference in how much you pay for an item. If you purchased a $1,000 item and paid $30 each month at various interest rates.| Monthly Payment | Interest Rate | Time to Pay Off | Interest Paid | Total Cost of Loan | | $ 30.00 | 20% | 4 years, 1 month | $ 471.80 | $ 1471.80 | | $ 30.00 | 15% | 3 years, 7 months | $ 301.66 | $ 1301.66 | | $ 30.00 | 10% | 3 years, 3 months | $ 176.40 | $ 1176.40 | | $ 30.00 | 5% | 3 years | $ 78.87 | $ 1078.87 |
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