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%.
Subject Area: X-Mathematics (former standards - 2008)
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
Date of Last Rating: 06/07
Status: State Board Approved - Archived