4.4-4.5B Credit Cards and Statements Worksheet

Flashcard
•
Mathematics
•
12th Grade
•
Hard
+8
Standards-aligned
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1.
FLASHCARD QUESTION
Front
What is a credit card statement?
Back
A credit card statement is a monthly summary of all transactions made on a credit card, including purchases, payments, fees, and interest charges.
Tags
CCSS.RI.11-12.7
CCSS.RI.9-10.7
CCSS.RL.11-12.7
CCSS.RL.8.7
CCSS.RL.9-10.7
2.
FLASHCARD QUESTION
Front
How is the Average Daily Balance calculated?
Back
The Average Daily Balance is calculated by adding up the daily balances for each day in the billing cycle and then dividing by the number of days in that cycle.
Tags
CCSS.6.NS.B.3
3.
FLASHCARD QUESTION
Front
What is the formula to calculate the minimum payment on a credit card?
Back
Minimum Payment = New Balance x Minimum Payment Percentage.
Tags
CCSS.7.RP.A.3
4.
FLASHCARD QUESTION
Front
What does 'available credit' mean?
Back
Available credit is the amount of credit that a cardholder has left to spend, calculated as the credit limit minus the current balance.
5.
FLASHCARD QUESTION
Front
How do you find the Total Available Credit?
Back
Total Available Credit = Credit Limit - Current Balance.
Tags
CCSS.7.EE.B.3
6.
FLASHCARD QUESTION
Front
What is the Monthly Periodic Rate?
Back
The Monthly Periodic Rate is the interest rate charged on a credit card balance, expressed as a percentage per month.
Tags
CCSS.7.RP.A.3
7.
FLASHCARD QUESTION
Front
How do you calculate the minimum payment if it is based on a percentage of the new balance?
Back
Multiply the new balance by the percentage rate to find the minimum payment.
Tags
CCSS.6.RP.A.3C
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