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Calculate the finance charges and total amount due on a credit card bill.
Remarks
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%.General Information
Subject Area: X-Mathematics (former standards - 2008)
Grade: 912
Body of Knowledge: Financial Literacy
Idea: Level 1: Recall
Standard: Loans and Financing - Become familiar with and describe the advantages and disadvantages of short-term purchases, long-term purchases, and mortgages.
Date Adopted or Revised: 09/07
Content Complexity Rating:
Level 1: Recall
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More Information
Date of Last Rating: 06/07
Status: State Board Approved - Archived
Related Courses
This benchmark is part of these courses.
1200500: Advanced Algebra with Financial Applications (Specifically in versions: 2014 - 2015 (course terminated))
7912105: Fundamental Consumer Mathematics (Specifically in versions: 2013 - 2015, 2015 - 2017 (course terminated))
7921042: Fundamental Economics with Financial Literacy (Specifically in versions: 2014 - 2015, 2015 - 2017 (course terminated))
7921022: Access Economics with Financial Literacy (Specifically in versions: 2014 - 2015, 2015 - 2018, 2018 - 2023, 2023 and beyond (current))
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