Percent - XYZ Custom Plus

RESEARCH PROJECTCredit-Card DebtCredit-card companies are now offering creditcardsto college students who would not beable to get a card under normal credit-cardcriteria (due to lack of credit history and lowincome). The credit-card industry sees youngpeople as a valuable market because researchshows that they remain loyal to their first cardsas they grow older. Nellie Mae, the student loanagency, found that 78% of college students hadcredit cards in 2000. For many of these students,lack of financial experience or educationleads to serious debt. According to Nellie Mae,undergraduates with credit-cards carried anaverage balance of $2,748 in 2000. Half ofcredit-card-carrying college students don’t paytheir balances in full every month. Choose acredit-card and find out the minimum monthlypayment and the APR (annual percentage rate).Compute the minimum monthly payment andinterest charges for a balance of $2,748.Stockbyte/SuperStock360Chapter 5 Percent