Credit v Deb
True or False:
If you pay your credit card off every month, you pay no interest.
What is TRUE? You should do this. It builds credit.
TRUE or FALSE: You can be charged a fee if you use your credit card outside of the US.
APR stands for...
Annual Percentage Rating
The first step in calculating the interest.
Turn the APR percent into a decimal and divide by 365.
What is 50%?
The term for the the fee you have to pay if you go over in your checking account?
What is the overdraft fee?
What is the term for the yearly fee you could be charged for keeping a credit card?
What is your annual fee?
Explain a variable APR?
True or False- you don't have to pay interest on Balance Transfers.
False- unless it is a promotional offer.
What is a mortgage?
Could Venmo or Apple Pay be considered a credit or debit card. Give a reason.
What is.. it could be both.
What is the name of the fee that you may be charged monthly for using your card?
What is an activation fee?
What is an introductory APR?
True or False: If you credit card bill is high enough, under some conditions you can pay interest on the interest.
True.
In order to do your yearly taxes, your employer must give you a form reporting all the income you made that year and how much taxes you paid. The name of that form is..
What is a W2?
The term for the prediction of your credit behavior, such as how likely you are to pay a loan back on time, based on information from your credit reports.
What is your credit score?
Explain the returned payment fee.
If a user does not have enough money to make the payment that they scheduled, they will be subjected to another fee.
The term for the APR that stays the same and cannot be changed during the lifetime of your contract.
Fixed rate APR
Calculate the interest on a $3000 monthly bill (30 days) at a 23% APR.
.23/365 = 0.00063
0.00063*3000 = 1.89 (a day)
$1.89*30= $56.70
What is $56.70
What is the FAFSA?
What is the highest possible credit score rating?
What is 850?
(lowest score is 300)
According to the Consumer Financial Protection Bureau, this is the most common fee that users have to pay.
According to the Consumer Financial Protection Bureau, the late fee is the most common fee.
The average APR as of 9/9/26. (Answers within a 5 point range will be accepted.)
What is 22.15%
What is the daily interest paid on a 15% APR with a balance of $5000.
0.15/365 = 0.00041
0.00041 x 5000 = $2.05
What is $2.05?
What is the term for ownership, specifically the value of what you actually own after you subtract everything you owe.
What is equity?