Chapter 7 Credit Bus.Math

Why would your credit provider give you a credit limit?

• To remind you to pay your bill on time.
• To prevent you from enjoying the things you buy.
• To prevent you from spending more money than you can pay back.
• To prevent you from shopping in certain places.

How do credit card companies make money?

• By charging late fees and interest to their customers.
• By making you pay an extra dollar on every purchase.
• By charging late fees and interest to stores and other businesses.
• By earning interest on the money they have saved up.

Tags

CCSS.7.NS.A.3

The cost of credit expressed as a yearly interest rate is known as:

• Annual Percentage Rate (APR)
• Annual Fee
• Penalty APR
• Introductory Rate

The maximum amount you may borrow on a credit card is known as:

• creditworthiness
• credit report
• credit limit
• variable rate of credit

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

What is an annual fee? 

• The act of transferring money 
• A fee charged by a card issuer for being a card holder. 
• The days between the last statement and the current statement. 
• A fee charged to a cardholder's account once a payment is late. 

Examples of penalty fees include:

• over-the-limit fee
• late payment fee
• returned payment fee
• all of these

Tags

CCSS.7.RP.A.3

How can you avoid paying interest fees on your credit card?

• Only use it for groceries
• pay off the full balance, on time, each month
• you cannot avoid interest fees
• only use Discover

The least amount that must be paid on a credit card each month is

• Late Fee
• Credit Limit
• Payment amount
• Minimum Payment

Tags

CCSS.7.RP.A.3

1) The summary portion of Manny Ramira’s credit card statement is shown.

a. Determine the new balance amount.

• $2,608.18

• $6391.82

• $3,246.29

• $5,934.12

Tags

CCSS.7.NS.A.3

1) The summary portion of Manny Ramira’s credit card statement is shown.

b. Manny has a credit line of $9,000 on his card. Find his available credit.

• $2,608.18

• $6391.82

• $3,246.29

• $5,934.12

Tags

CCSS.7.EE.B.3