The scenario on this chart is as follows:
"MasterCard sent you a fabulous new credit card offer in the mail. It is a special card for teens with really low minimum monthly payment percent of 4%. In exchange for the low minimum monthly payment percent, MasterCard raised your APR to 18%. You decide to use this credit card instead of the Visa in Scenario #1. Fill out the chart and determine the amount of money you spent and your remaining balance. "
The chart is a great way for students to discover, by hand, the problems with only paying the minimum balance on a credit card. I suggest going over a couple of rows with them so they understand how the chart works.
This chart can be used as a stand alone activity or with the other scenarios I have listed. It would be particularly helpful to use the Excel Debt Calculator that I have listed as well. Please feel free to email me if you have any questions.