Repaying Credit Card Balance

How many years can it take to repay a credit card balance of $1000 if only the minimum payment is made each month?

• 2 years

• 3 years

• 5 years

• 10 years

What is the original price of the item before the sale?

• $400

• $500

• $614.52

• There is no original price mentioned

What is the discount offered on the item?

• 10% off

• 15% off

• 20% off

• 25% off

After applying the discount and adding an 18% interest rate, what is the final price of the item?

• $400

• $500

• $614.52

• The final price is not mentioned

If you pay only the minimum payment each month, how many years would it take to repay the credit card charge for the item?

• 3 years

• 4 years

• 5 years

• 6 years

What does understanding credit mean according to the slide?

• It means you understand how to spend money.

• It means you understand how to save money.

• It means you understand how to invest money.

• It means you understand money.

What does using a credit card imply?

• You have saved money to make a purchase.

• You have been loaned money to make a purchase.

• You are using digital currency to make a purchase.

• You are borrowing money from a friend to make a purchase.

Which of the following is NOT a benefit offered by credit cards according to the slide?

• Convenience

• Payment in emergencies

• Protection

• Unlimited spending

When should credit cards NOT be used according to the slide?

• For online purchases

• For purchases you can’t afford

• For small purchases

• For regular purchases

How much would you spend in a 5 day work week if you spend $3.50 at WaWa every weekday?

• $15.00

• $17.50

• $20.00

• $22.50