Credit Card
The time when no interest is charged on credit purchases
What is a grace period?
A higher APR on a loan means you will be paying more in _____
INTEREST
The higher your credit score the _______ your APR on loans
LOWER
You want a pair of jeans. They cost $100 but they are on sale for 50% off! What is the final cost?
$50!
True or False: Debit cards build your credit score
A mortgage is a _______ loan
Home
These things can have a negative impact on your credit score
Applying for multiple credit cards in a short period of time (e.g., a week), not paying your bills on time or in full, having multiple lines of credit
You can ensure perfect credit by doing these 2 things
Paying on time AND in full
Name 3 benefits to having a credit card
1. Build credit
2. Gain rewards (air travel, cash back, discounts)
3. Useful in emergency situations (buy now, pay later)
This payment is what you put down to reduce the amount you need to take out as a loan
What is a down payment?
This institution benefits from interest payments
What is the bank?
These things impact your credit score
Payment history and amounts owed
Give 3 characteristics of a person who should apply for a credit card
1. Has a job
2. Responsible with money
3. Will have a higher paying job in the near future and needs money now
Answers will vary
When you take out a loan with a cosigner, who is responsible to pay if you don't pay?
What is the cosigner?
Find an autoloan calculator on Google.
Loan Amount: $30,000
APR: 2.4%
Term: 72 months
$448/month
You're buying a shirt that costs $45. It is 15% off! What is the total cost?
$38.25
This is how much money you can spend on a credit card
What is a credit limit?
What is one difference and one similiarity between auto and home loans?
1. Longer term on home loan
2. Get from bank, have APR's, pay the bank back
Find a mortgage calculator on Google. Find your monthly mortgage payment:
Home Price: $585,000
APR: 3.1%
Term: 30 years
$2,498/month
Using an Auto Loan Calculator from Google: What would your monthly payment be on this car:
Loan Amount: $25,000
APR: 4.2%
Term: 60 Months
$463/month