In this final draft of my Credit Card Bill example, I have asked students to imagine themselves as the “moderates” in a legislative debate over credit cards. In this final draft, I have suggested ways for us to find common ground and come to a compromise. The purpose of this exercise is not to blame students for being weak politicians but rather to stimulate them to consider these common ground issues.
In my credit card bill example, I have provided a table comparing all three models including the graduated amortization schedule with the graduated payment amortization schedule. For the sake of discussion, I will assume that we are working with a student body that favors a graduated payment amortization schedule. Averages for both the payment schedules are included in the following table. The two most common payment schedules include the graduated payment amortization schedule and the standard payment amortization schedule.
A simple question that we may ask ourselves when working with this example is; “How do we compare the options presented to us in the table”? We can begin the comparison by looking at the amortization calculator. What would the monthly payments look like for each option? Some students may be interested in getting more time to pay off their debts but would prefer to go with the graduated amortization schedule. This can easily be manipulated by adding a few years to the length of the loan.
We can then make the same comparisons for the standard payment method as well as the graduated payment method. With this information, it becomes easier for students to decide if the additional money spent on paying off credit cards is worth it. Finally, when students write persuasive essays about the credit card bill example, they should consider the impact of adding either a few years or a longer time to the repayment period on the average amount owed. Will students actually have to pay more in total due to these added payments?
When students complete this assignment, they should have developed a better understanding of the different payment options and will be able to decide which plan is best for them to follow. By using the previous example to teach students the different types of amortizations and the corresponding consolidation terms, they can develop the ability to analyze these terms on their own. Students should not feel limited when they are writing a persuasive essay due to the fact that the examples given in this assignment were used only as a basic outline. The next step is for students to analyze the concepts presented, and they must decide if they think the credit card bill example is realistic or unrealistic.
If you are working on your college major choice, you will need to decide if you want to pursue a loan emi for your studies or if you would like to transfer to a home loan emi. This decision will depend on your financial needs, your interest rates, and the programs available at your school. If you have an unusual amount of debt at hand, then it may be more beneficial for you to take a loan emi than it would be to transfer into a home loan emi. Once you have decided on these important factors, you can focus on completing all of the assignments required for the credit card bill examples.
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