Texas Credit Opening/Closing Date: 7/19/08 08/18/08
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1 Guided Practice Anatomy of a Credit Card Statement The following is a monthly statement from a typical credit card company. Parts left out intentionally are denoted by??? and highlighted in gray. Texas Credit Opening/Closing Date: 7/19/08 08/18/08 Payment Due Date: 9/12/08 Minimum Payment Due: $91.82 Card Summary Account Number Previous Balance $2, Total Credit Line $3,000 Payment, Credits -$ Available Credit $376 Purchases, Cash, Debits $ Cash Access Line $500 Finance Charges??? Available for Cash $376 New Balance $2, Transactions Date Description Credit Debit 7/23 Gas $ /24 Payment Thank You $100 7/24 Hardware Store $139 7/28 Flowers $ /03 Groceries $ /18 Hardware Store Return $50.21 Finance Charges Average Finance Charge Daily Periodic Rate Daily Due to Type 31 Days in Cycle APR Balance Periodic Rate Purchases??? 28.99%?????? Cash??? 28.99% $0 $0 1. Calculate the average daily balance for purchases. Use a separate piece of paper or spreadsheet, if necessary. VII-120
2 2. Calculate the daily periodic rate to 5 decimal points. Use this rate to determine the finance charge to the nearest cent. 3. What is the minimum payment due? How is that amount calculated? Credit Card Formulas Marley has a credit card with an annual percentage rate (APR) of 22.75% and a current balance of $14, If Marley uses the same calculations from Question 3, what is her minimum payment (to the nearest cent)? 5. Using the minimum payment from Question 4, how long will it take Marley to pay off the current balance, assuming she does not add any more charges to her credit card? How much in interest would paying only the minimum every month cost her? VII-121
3 6. Suppose Marley makes $2,500 per month. Create a budget for Marley to find how much she has left over to pay the minimum on her credit card. Can Marley afford the minimum payment? If so, how much more than the minimum can she pay? If not, what do you recommend she do to afford the payment and pay off the credit card? EAR vs. APR 7. Benny s credit card APR is 26.55%. What is his actual interest rate per year that is, his effective annual rate (EAR)? Is the EAR higher than the APR? Why or why not? VII-122
4 Independent Practice 8. Justine just got a new job earning $3,750 per month. After buying work clothes, she receives the following statement from her credit card company. Texas Credit Opening/Closing Date: 8/19/08 09/18/08 Payment Due Date: 10/12/08 Minimum Payment Due:??? Card Summary Account Number Previous Balance $5, Total Credit Line $10,000 Payment, Credits -$ Available Credit $4, Purchases, Cash, Debits $ Cash Access Line $1,500 Finance Charges??? Available for Cash $1,500 New Balance??? Transactions Date Description Credit Debit 8/22 Payment Thank You $220 8/30 Gas $ /31 Department Store $ /15 Department Store Return $ Finance Charges Average Finance Charge Daily Periodic Rate Daily Due to Type 31 Days in Cycle APR Balance Periodic Rate Purchases??? 29.99%?????? Cash??? 29.99% $0 $0 Calculate all the missing parts of the given statement. Use 4% of the new balance to find the minimum payment. VII-123
5 9. Using the percentages from Question 6, calculate Justine s net income. Can Justine afford the minimum payment? If so, how much more than the minimum can she pay? If not, what do you recommend she do to afford the payment and pay off the credit card? 10. What is the actual interest rate Justine is paying on the credit card? VII-124
Texas Credit Opening/Closing Date: 7/19/08 08/18/08
Anatomy of a Credit Card Statement The following is a monthly statement from a typical credit card company. Parts left out intentionally are denoted by??? and highlighted in gray. Texas Credit Opening/Closing
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