Unit 6 Part 2 Test Review

Match the following

• timeframe where transaction are recorded

• Billing Cycle

• annual percentage rate

• Grace period

• smallest amount you can pay each month

• Minimum Payment

• time between the end of a cycle and bill

• statement

• a summary of all your transactions

• APR

Match the following

• the max $ amount you can charge

• Credit Line/Limit

• a fee charged once a year for having a cc

• Annual Fee
• the beginning period when having a cc

• Late payment fee

• fee on a cc for a missed payment

• Introductory period

What is the annual percentage rate or APR?

• The cost of borrowing money

• A fee charged each year to use the credit card

• Your minimum payment amount

Tags

CCSS.7.RP.A.3

What is the amount you must pay by the due date on a credit card?

• Minimum Payment

• Interest

• APR

Tags

CCSS.7.RP.A.3

What is the definition of Grace Period?

• The time between the end of a billing cycle and when your bill is due

• The due date on your credit card bill

• The time you have between a purchase on a credit card and the statement

What may happen if you pay after the due date?

• Be charged a late fee

• See your interest rate change

• Be charged an annual fee

What happens to introductory interest rates for credit cards?

• Remain the same while you have the credit card

• will go down after the introductory period is over

• will go up after the introductory period is over

Match the following

• the amount of interest due on a loan

• Down Payment
• the amount of money borrowed

• Installment Loan
• amount paid at the time of purchase

• Finance Charge

• has a fixed amount for every payment

• Amount Financed

Tags

CCSS.7.RP.A.3

Match the following

• sum of payments + down payment

• Total Installment Price

• interest rate that stays the same throughout the life of the loan

• Fixed Interest Rate

• interest rate that can change

• Adjustable Interest Rate

Tags

CCSS.7.RP.A.3

What happens when all the payments are made in an installment loan?

• it starts over

• you continue to pay interest

• the loan ends