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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). Gabe and Joy answered the first statement, but they need your help!

...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 are allowed 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.


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 $800.00, and her APR interest is 20%, how much will the couch cost after she pays back the credit card, including interest?
(HINT: 800 X .20 = interest rate)

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3. How much will the couch cost when you add in the cost of interest, too?

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4. Would you charge items to a credit card if it means you will pay back more money than the item you bought is worth? Why or why not?

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name

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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 5%, and it will take her family
5 years to pay off the car. How much will the interest cost
on the car?

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

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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 much interest 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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