Warm up: Comic strip!
Complete the Account Statement activity. Warm up:
Compound interest Activity Read Credit Card Debt Statistics. In your journal:
Save a copy of the Compound Interest worksheet and share it with me. #1-What is the average amount of credit card debt held by each person in the US with a credit card-from the article on credit card statistics #2-What is the interest rate on your credit card? Daily interest: 17.9%/365 days = .05% per day Monthly interest: .05% * 30 days= 1.49%/ monthly Your monthly interest rate replaces the 1.49% in the cell #3 The minimum monthly payment is $100 Questions to answer PART 1
# 4 Now try it with your monthly payment from the credit card activity on 3/1 Questions to answer PART 2
Warm Up:
Credit Card Activity 1. Choose a credit card for yourself: American Express, Discover, Visa, Master Card Which card did you choose? ○ What is the annual interest rate? ○ What are the annual fees? ○ Why did you choose this card? 2. Credit card interest activity You now have credit card debt due to an emergency! Choose your debt. Minimum payment is interest +1% Use the interest rate from the credit card you chose. ● Using the Credit Card Calculator answer the following questions: 1. How many months will it take to pay this off with just minimum payments? How much interest will you pay? 2. If you use your monthly savings as the payment (assuming it is greater than your minimum payment) how many months will it take you to pay off the balance? 3. How much interest will you pay? 4. Has this activity changed the way you view credit cards? Why or why not? Warm Up:
Credit Cards FICO and credit card activity What is a FICO score and why is it important? Watch this video if you did not see it in class. Credit Hangover worksheet Warm up:
Budget Revision #2: Multiply your grocery receipt by 4 to estimate the amount you might really spend in a month for groceries. Add that amount to your working budget. You have invited your favorite three people over for dinner! Plan a meal for four-main course and a dessert or appetizer. Find two recipes with at least seven ingredients (salt and pepper not included in the seven) for the main course and at least four ingredients for your dessert or appetizer. Shop online. www.walmart.com or www.amazon.com work well. Add sales tax to the total-8.4% In your journal-
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AssignmentsWage Worksheet Pueblo Community College Application Apply by 09/03
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