Sales tax, discounts and unit cost
Sales tax: Colorado-2.9% La Plata County-2% Durango-3.5% Total city tax is 8.4% Sales Tax, Discounts and Unit price worksheet
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Warm up:
Evaluating loan applications Approve or deny three loan applications and determine interest rate and monthly payment for each approved $10,000 loan. College students: Average daily balance versus unpaid balance method worksheet
Warm up:
Read Your Credit Report: What you need to know Watch the video: Understanding your credit report Complete The Fine Print: Credit Report-Google form that I will share with you. 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: The Crew Creativity exercise
Black out Poem for 10 points extra credit 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 |
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