COMPOUND INTEREST



8.5 CREDIT CARDSCOMPARING CREDIT CARDSFollow the instructions below carefully to compare three different credit cards. Fill in the table below based on your findings.Go to Under the Products & Services drop down menu, choose See All under Credit CardsClick I Need A Credit CardScroll down to the bottom and click View All Cards under Find A Card (are you enjoying how easy banks make it to get information yet?)For each of the following cards, click Compare underneath its image.TD Aeroplan Visa Infinite Privilege CardTD Platinum Travel Visa CardTD Cash Back MasterCard CardClick the Compare button at the bottom of your screenAnnual FeeInterest Rate on Purchases Interest Rate on Cash AdvancesRewardsAdditional Cards on AccountOther InformationSearch for another company’s credit card (not TD Canada Trust). It could be from a financial institution or one offered by a retailer (ex: a furniture retailer, a gasoline retailer, etc). Fill in the last column with the appropriate information.Answer the following questions using the table you completed:Describe the type of person who may choose each type of card. Why?TD Aeroplan Visa Infinite Privilege CardTD Platinum Travel Visa CardTD Cash Back MasterCard CardWhich card would you choose? Why?UNDERSTANDING YOUR CREDIT CARD BILLGo to manage-your-money/manage-credit-cards/Use the tabs on the left side, How to Read a Credit Card Statement and Understand Credit Card Lingo, to answer the following questions.Define the following terms:Previous balancePayments/CreditsPurchases/DebitsTotal credit limitTotal credit limit availableMinimum paymentAnnual percentage rateCredit historyTransaction date (Trans date)Post dateIf you are late making a payment, interest begins to add up starting from the day of purchase. Remember, the interest rate given is per year.Use the credit card statement on the How to Read a Credit Card Statement tab to answer the following questions.What is the payment due date?What is the minimum payment due?What is the annual interest rate for purchases?Calculate the daily interest rate.If this person does not make a payment until May 30/08, how many days of interest will be calculated for the Grocery Store purchase?Calculate the amount of interest paid on the Grocery Store purchase. Remember A=P1+in ................
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