CM30S - 1.3

Consumer Math 30S Unit 1 – Income & Debt Credit Cards

Credit Cards Unit 1 – Income & Debt Outcome 1-3: Solve problems involving credit card buying

Credit Cards A credit card is a system of payment named after the small plastic card issued to users of the system. In the case of credit cards, the issuer lends money to the consumer (or the user). A credit card allows the consumer to 'revolve' their balance, at the cost of having interest charged. Unit 1 – Income & Debt Outcome 1-3: Solve problems involving credit card buying

Credit Cards Benefits vs Drawbacks Unit 1 – Income & Debt Outcome 1-3: Solve problems involving credit card buying

Video – Credit & Credit Cards Unit 1 – Income & Debt Outcome 1-3: Solve problems involving credit card buying

[object Object],[object Object],[object Object],[object Object],What is the daily interest rate if the annual interest rate is 19%? What is the yearly rate if the daily interest rate is 0.049315%? Unit 1 – Income & Debt Outcome 1-3: Solve problems involving credit card buying

[object Object],[object Object],[object Object],On Jan. 5, Monica made $400 in purchases on her credit card. Her monthly statement issued Jan 20 was received and Monica did not pay it. Her next monthly statement issued on Feb. 20 was received. What will be her interest charges? Unit 1 – Income & Debt Outcome 1-3: Solve problems involving credit card buying

[object Object],[object Object],[object Object],Alex’s monthly statement shows a previous balance of $963.45. During the month Alex made a payment of $500 and purchases goods totaling $626.95. Assume the interest charges for the month are $17.50. Calculate his new balance. Calculate Alex’s minimum payment for his new balance. Unit 1 – Income & Debt Outcome 1-3: Solve problems involving credit card buying

Textbook Assignment: Page 44 - 46 Questions 1 - 7 Unit 1 – Income & Debt Outcome 1-3: Solve problems involving credit card buying

Video Credit Cards: Living With Plastic Unit 1 – Income & Debt Outcome 1-3: Solve problems involving credit card buying

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Unit 1 – Income & Debt Outcome 1-3: Solve problems involving credit card buying

CM30S - 1.3

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CM30S - 1.3