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Young Adult 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) or False (F).Gabe and Joy answered the first statement, but they need your help!

.F....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. You’re thinking about charging a sofa to your credit card. It will take one year to
pay back the sofa. If the sofa costs $850.00, and your APR interest is 17%, how muchwill the couch cost after you pay back the credit card, including interest?

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3. Your dad is thinking about putting this painting on his credit card. He’s decided
that it will take him 1 year to pay the credit card bill. The painting is $2500.00.
The APR interest is 15%. If it takes him 1 year to pay it back, how much will thepainting cost in all?


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


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Taking an Interest Edit

1. Your family is going to buy a new car. The car costs $22,550.00. Your family is going to take out a car loan from   the bank. The interest rate is 6%, and it will take your 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. Your cousin’s family has a home loan for their house. The house costs $528,000. Their interest rate is 5%. It will take your cousin’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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you can make your calculations here:

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