Balance
Credit Cards
Name ____________
Card Balance Minimum Payment APR
Card 1: $75.00 $10.00 18%
Card 2: $100.00 $10.00 21%
Directions: You have two credit cards that have outstanding balances. You have been making the minimum amount due payment balance each month. For each of your credit cards, complete the charts below. How many months does it take to get a zero balance? How much extra money did you pay out? (Keep in mind that the Annual Percentage Rate is 18% or 21%, you will need to take the APR and divide by 12 months to get your monthly rate). No monthly finance charge will be less than $1.00.
Card 1
|Month |Beginning Balance |Minimum Payment |Balance |Interest Payment |New Balance with |
| | | | | |Interest |
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# of months to pay off________________
Extra money spent by only paying minimum amounts _________
Card 2
|Month |Beginning Balance |Minimum Payment |Balance |Interest Payment |New Balance with |
| | | | | |Interest |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
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# of months to pay off________________
Extra money spent by only paying minimum amounts ______________
Credit Card Billing Information
To figure your monthly finance charge
(APR ÷ 365 days) x balance ÷ days in billing cycle = monthly finance charge
Example:
(12.74% APR ÷ 365 days) x $1000.00 ÷ 30 days = $1.16
The minimum amount due on a each credit card statement is $10.00 or 3% of your balance, which ever is greater.
Credit Cards
Name _______Answer Key_______
Card Balance Minimum Payment APR
Card 1: $75.00 $10.00 18%
Card 2: $100.00 $10.00 21%
Directions: You have two credit cares that have outstanding balances. You have been making the minimum amount due payment balance each month. For each of your credit cards, complete the charts below. How many months does it take to get a zero balance? How much extra money did you pay out? (Keep in mind that the Annual Percentage Rate is 18% or 21%, you will need to take the APR and divide by 12 months to get your monthly rate). No monthly finance charge will be less than $1.00.
Card 1
|Month |Beginning Balance |Minimum Payment |Balance |Interest Payment |New Balance with |
| | | | | |Interest |
|*** |75.00 |10.00 |65.00 |1.00 |66.00 |
| |66.00 |10.00 |56.00 |1.00 |57.00 |
| |57.00 |10.00 |47.00 |1.00 |48.00 |
| |48.00 |10.00 |38.00 |1.00 |39.00 |
| |39.00 |10.00 |29.00 |1.00 |30.00 |
| |30.00 |10.00 |20.00 |1.00 |21.00 |
| |21.00 |10.00 |11.00 |1.00 |12.00 |
| |12.00 |10.00 |2.00 |1.00 |3.00 |
| |3.00 |10.00 |0 |0 |0 |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
# of months to pay off_________9 months_______
Extra money spent by only paying minimum amounts __$8.00_______
***(under the month column, have students start with the month they are in at that time)
Card 2
|Month |Beginning Balance |Minimum Payment |Balance |Interest Payment |New Balance with |
| | | | | |Interest |
| |100.00 |10.00 |90.00 |1.00 |91.00 |
| |91.00 |10.00 |81.00 |1.00 |82.00 |
| |82.00 |10.00 |72.00 |1.00 |73.00 |
| |73.00 |10.00 |63.00 |1.00 |64.00 |
| |64.00 |10.00 |54.00 |1.00 |55.00 |
| |55.00 |10.00 |45.00 |1.00 |46.00 |
| |46.00 |10.00 |36.00 |1.00 |37.00 |
| |37.00 |10.00 |27.00 |1.00 |28.00 |
| |28.00 |10.00 |18.00 |1.00 |19.00 |
| |19.00 |10.00 |9.00 |1.00 |10.00 |
| |10.00 |10.00 |0 |0 |0 |
| | | | | | |
# of months to pay off_____11 months___________
Extra money spent by only paying minimum amounts __$10.00______
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