State Farm Vs Well Fargo Case Study
In this exhibition, we were given different credit card options. Based on the given different credit card options, we had to choose two cards that we are interested in. Within the two that we chose, we then limited it to one credit card that we like the best to go on a shopping spree to fill our dorm room with things that we might think we want. The mathematical topics I will cover are exponential equations, sales tax, and logs.
The pro of State Farm is that the interest rate is lower and the interest begins one day less than Well Fargo. State Farm has an interest rate of 18.24% with the interest beginning at 24 days. Well Fargo however has an interest rate of 21.15% with the interest beginning at 25 days. Both State Farm and Well Fargo have no annual fee with a monthly late fee of $38. The cons of State Farm however is that there are no miles or benefits. Even though Well Fargo has miles and benefits, the base earn is 1% and the max earn is 3%. With the interest rate of 21.15% for Well Fargo, these miles and benefits aren’t that much. As a result, State Farm is the better option.
After four years of college, I owe $564.69. I found this out by setting up an exponential equation. I started out with my total purchase cost, which is $291.26, and since State Farm interest
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Then, I added my debt with the late fees. After that, I multiplied my debt with the late fees by the interest rate. I did this for four years and got $3371.01. In the second table, I started with my debt at the end of year 4. Since I’m willing to pay $2400 a year, I subtracted $3,371.01 by $2400, which gives me $971.01 as the remaining debt. To find the new debt, I multiplied the remaining debt after payment by the interest rate, which is 1.18. This then gave me the new debt as $1145.79. I did this for another year and got a remaining debt payment as 0. This took me more than a year, but less than 2 years to pay off my
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