### Consumer Decision Making

This is a study of consumer decision making. This study evaluates
how people understand the accumulation of compound interest. Your task
on each trial is to estimate the total cost of each plan for repaying
debts on a credit card. Imagine that you borrowed $10,000 on one
credit card, and you charge nothing else on that card until the debt is
paid in full. Please type in the boxes provided your estimates of how
long (in years) it will take to repay, and how much (in dollars) it
will cost. Assume that when the debt is less than $20, you pay
that amount in full, ending the debt. Do not make calculations, we are interested in
how people make these estimations intuitively.
The Interest RATE refers to the interest rate per year. Interest is
accumulated at the rate of 1/12 of that rate every month. So, for example, if
the yearly interest rate is 12%, that means that the credit company will add
1% to the debt each month.

The **PAY** variable refers to the percentage of the total debt that you pay
EACH MONTH. Please keep in mind that the RATE refers to the interest rate
per YEAR, and the **PAY** percentage refers to the amount paid EACH MONTH.

Please type in the spaces provided your estimates of the time in years until the debt will
be paid in full, and the total cost including both principal and interest.
For example if you think that it will take two and one half years to pay off a debt, type 2.5 in the box
labeled TIME, if you think it will cost a total of 12,000 (debt and
interest combined) type 12,000 in the box labeled COST.

#### Warmup Trials Consumer Decision Making

Each trial will be presented as in the following example: