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Teen classroom worksheets : unit 3 : Power of credit

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Give me some credit! Edit

1. Mark each of the following statements True (T) orFalse (F).

......You don’t ever have to pay back a credit card.

......Your credit rating will be better if you pay your bills on time..

......If it takes you longer to pay your credit card bill,you will have to pay more money back.

......It’s smart to always charge items on your credit bill.

____ An emergency is a good time to use a credit card.

.......Once you get a credit card, you should buy anything you want.

........The credit company looks at how much money you make when deciding what your credit limit will be.

.......Your credit limit is the amount of money you areallowed to charge every month on your credit card bill.

......if you don’t pay your credit card bill, you can still charge however much money you want on your credit card.

____ it doesn't matter if you don't pay your phone bill every month. It will not affect your credit rating.

_____ you can "walk away" from a payday loan - they'll never find you

_____ if you can't pay your your bills it's a good idea to get a credit card and charge the bills to your card.

_____if you make the minimum payment each month on your credit card you will keep a good credit rating

_____ if you have trouble paying off a loan you can call the bank and explain what's going on and sometimes they will help you with an alternate plan.

_____it is better to save the money to buy big ticket items (like a TV) than go on a payment plan (or use a credit card/payday loan)

____ with a payday loan you sometimes get a deal and only pay back $1 for every $100 borrowed - there are never any other fees.

____ if you can't pay your phone bill then it's best to just forget it and get another phone from another company

____ credit card companies usually charge 21% interest rate on purchases

______if you don't pay your bills eventually the company you owe money to, can go to a collections agency. If you don't pay them then they can go through Canada Revenue and take the money from your income tax or take the money from your paycheque.


2. Joy’s mom is thinking about charging a sofa to her
credit card. She will take one year to pay back her sofa. If the sofa costs $850.00, and her APR interest is 17%, how much will the couch cost after she pays back the credit card, including interest?(HINT: 850 X .17=interest rate)

Dont

Taking an interest Edit

1. Joy’s family is going to buy a new car. The car costs $20,000.00. Joy’s family is going to take out a car loan from
the bank. The interest rate is 6%, and it will take her family5 years to pay off the car. How much will the interest coston the car?

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2. How much will the car cost in all (interest + cost of car)?

........................................................................................................
3. Gabriel’s family has a home loan for their house. The
house costs $500,000. Their interest rate is 5%. It will take Gabriel’s family 30 years to pay off the loan. How muchinterest will they pay over 30 years?

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4. How much will the house cost in all (interest + cost of house)?

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You can make your calculations here: Edit

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