Access Point #: MA.912.F.3.In.c (Archived Access Point)

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Identify finance charges as extra amounts added to cost of items that are not paid for on time.


Student identifies the charges added to a bill for an unpaid balance on a credit card account.

Number: MA.912.F.3.In.c Category: Independent
Date Adopted or Revised: 09/07 Standard: Loans and Financing : Become familiar with and describe the advantages and disadvantages of short-term purchases, long-term purchases, and mortgages.

Related Benchmarks

Name Description
MA.912.F.3.3: Calculate the finance charges and total amount due on a credit card bill.
Example: Calculate the finance charge each month and the total amount paid for 5 months if you charged $500 on your credit card but you can only afford to pay $100 each month. Your credit card has a monthly periodic finance rate of .688% and an annual finance rate of 8.9%.

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