During the Summer of 2014 I studied College Algebra. This is a reflection of one assignment I felt I excelled at. The reason I have chosen this assignment is because of the real life lessons it has to offer.
(1) What you have learned from the activity?
I have learned the significance of the financial realities and obligations when having and using a credit card. Understanding the formula used, P = Di/1-(1+i)^-M, helped me to fully grasp the importance of the APR (annual percentage rate) as well as the monthly payment and total amount of debt accrued. I liked seeing how different monthly payments affected the amount of time needed to pay off the credit card as well as the amount of interest accumulating.
(2) How the math from the project can be applied to other real life situations? - give examples.
This project helped me balance and pay off my own credit card. This project was very applicable to a real life situation of paying off debt. Other real life examples include paying off student loans,or cars.
(3) Which mathematical concepts were included in the activity, and how did this activity increased your understanding of the mathematical concept(s)?
The mathematical concepts included were understanding how to find interest from the APR, i = APR/12, as well as how to find out monthly payments, payment amounts, and total debt from the equation P = Di/1-(1+i)^-M. This activity completely redefined my concept of credit cards and credit card debt. Before this assignment I knew little of how to appropriately use a credit card and pay it off.
