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Name Class Period

Date Home Skills B

Credit line: the maximum amount you can borrow on a credit card.

Interest: a fee paid to the lender for using their money (credit card, loan, etc.). Interest Rate: a percentage which is added to your credit card balance each month to determine the pay-off amount.

1. Go to

2. Select the credit card that provides the best deal.

a. Describe which credit card you chose.

Name of card

APR % after how many months

$ limit

Fee

3. Go shopping

a. Drag options to the cart.

b. Be careful how much you spend.

c. List the items you selected.

d. Click checkout when you are finished shopping.

4. How much did you spend?

a. What is the minimum monthly payment?

b. Estimate how many months you will have to make payments to completely pay off the total bill.

c. Click minimum payment,

5. What are the interest charges?

a. What is the total cost (includes the interest)?

b. How many months will it take to pay in full?

6. Change the monthly payment so that it only takes 6 months to pay in full. (Enter $100 and click “re-calculate”)

a. What is the Total Cost now?

b. What are the interest charges?

7. (Click) Start over.

a. Choose a different credit card.

b. Select the same items you purchased in step 3c.

8. Compare the two credit cards.

a. What are the interest charges?

b. What is the total cost (includes the interest)?

c. How many months will it take to pay in full?

9. Explain the difference. Why did one credit card cost more to use than the other?

EXIT ticket:

Explain several (minimum of 2-3) “dangers” associated with using credit cards.

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