# 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.

#### Clarifications:

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.
 Clarifications: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%.

#### Related Courses

 Name Description 1207310: Liberal Arts Mathematics 1205370: Consumer Mathematics 1205540: Business Mathematics 1200500: Advanced Algebra with Financial Applications 2102310: Economics 2102320: Economics Honors 2102335: Economics with Financial Literacy 2102345: Economics with Financial Literacy Honors 7912105: Fundamental Consumer Mathematics 7921042: Fundamental Economics with Financial Literacy 7921022: Access Economics with Financial Literacy