Credit

The cost of borrowing money is referred to as 

• Interest 
• Annual Percentage Rate 
• Credit 
• Credit Line 

The amount charged if your payment is received after the billing due date.

• late payment fee
• overdue fee
• withdrawal fee
• loser fee

The least amount you must pay on a credit card, based on a percentage of the outstanding balance.

• minimum fee

• minimum payment

• monthly statement

• minimum monthly interest charge

Benefits of credit cards include:

• safe and convenient, bonuses are offered
• allows you to build a positive credit report
• needed for reservations and online shopping
• all of these

Which one is considered a danger of using a credit card

• no cash needed
• leads to overspending
• convenient
• earns rewards

Which one of these factors does not influence your credit score?

• Payment history

• Amount owed

• Where you live

• Length of credit history

What does APR stand for?

• American Peoples Reports
• Annual Progress Report
• American Percentage Rate
• Annual Percentage Rate

What is credit?

• Free money
• Borrowed money
• Standard of living
• A term that causes tears

What is a credit score?

• A credit score is a three-digit numerical rating that reflects how likely you are to fail at paying your debts
• A five-digit numerical rating that reflects how likely you are to repay your debt. 
• A three-digit numerical rating that reflects how likely you are to repay your debt. 
• A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts

If your APR is 23%, then how much interest will the credit card company charge you each month?

• 1.92%

• 2.53%

• .56%

• 12.7%