SS.912.FL.4.2

Discuss that banks and financial institutions sometimes compete by offering credit at low introductory rates, which increase after a set period of time or when the borrower misses a payment or makes a late payment.

Clarifications

Explain why a bank may offer low-rate introductory credit offers.
General Information
Subject Area: Social Studies
Grade: 912
Strand: Financial Literacy
Standard: Using Credit
Date Adopted or Revised: 04/15
Status: State Board Approved

Related Courses

This benchmark is part of these courses.
2102800: Florida’s Preinternational Baccalaureate Comparative Economics With Financial Literacy (Specifically in versions: 2014 - 2015, 2015 - 2022 (current), 2022 and beyond)
2102335: Economics with Financial Literacy (Specifically in versions: 2014 - 2015, 2015 - 2018, 2018 - 2022 (current), 2022 and beyond)
2102340: Economics with Financial Literacy for Credit Recovery (Specifically in versions: 2015 - 2018, 2018 - 2022 (current), 2022 and beyond)
2102345: Economics with Financial Literacy Honors (Specifically in versions: 2014 - 2015, 2015 - 2018, 2018 - 2022 (current), 2022 and beyond)
2102372: Personal Financial Literacy (Specifically in versions: 2015 - 2018, 2018 - 2019, 2019 - 2022 (current), 2022 and beyond)
2102374: Personal Financial Literacy Honors (Specifically in versions: 2015 - 2018, 2018 - 2019, 2019 - 2022 (current), 2022 and beyond)
1200387: Mathematics for Data and Financial Literacy (Specifically in versions: 2016 - 2022 (current), 2022 and beyond)
7921021: Access Personal Financial Literacy (Specifically in versions: 2019 and beyond (current))

Related Access Points

Alternate version of this benchmark for students with significant cognitive disabilities.
SS.912.FL.4.In.b: Discuss that banks offer a low introductory credit rate, which increases over time or when a payment is missed or late.
SS.912.FL.4.Su.b: Identify a bank’s introductory credit rate and penalties associated with late or missed payments.
SS.912.FL.4.Pa.b: Recognize that if credit payments are late, banks will charge additional fees.

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