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BR: Copy the following terms and leave space to write definitions

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## BR: Copy the following terms and leave space to write definitions

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- BR: Copy the following terms and leave space to write definitions Annual fee Balance bankruptcy Cash advance Collateral cosigner credit Credit card Creditor Credit bureau Credit history Credit limit Credit report Debt Default Grace period Interest rate Minimum payment Monthly payment Principal Term Transaction fee Interest Debit cart
- Calculating Interest I=Interest P= The principal which is the amount borrowed R= Interest Rate T=Time Simple Interest: I=PRT
- 1. Tiechia purchases a new computer on her credit card. The computer costs $1200. If she has an interest rate of 15% and pays over 3 years, how much interest does she pay?
- 2. Sonia is purchasing a new car. How much interest does she pay if she borrows $20,000, the interest rate is 4% and she pays over 4 years?
- 3. Lavelle wants to buy a new condo. The one he wants costs $150,000. How much interest does he pay if he is able to get a 6% interest rate for 30 years? How much total does he pay?
- 4. Stephon buys new furniture for $2500. His interest rate is 10% over 2 years. How much interest does he pay? How much total does he pay?
- Calculating Interest Compound Interest PV= Present Value r= interest rate as a decimal N=number of time periods PV*(1+r)n=FV
- Make these headings on a sheet of paper Establishing credit Maintaining credit Using credit Losing credit