Chapter 14 by Heather Humphrey https://padlet.com/heatherd76/35vzy3avkvts Installment Buying en-us 2018-09-12 00:48:21 UTC 2023-07-04 16:20:50 UTC hello@padlet.com APR Vs. APY heatherd76 https://padlet.com/heatherd76/35vzy3avkvts/wish/280155420 2018-09-12 01:11:41 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/280155420 Credit scores are important heatherd76 https://padlet.com/heatherd76/35vzy3avkvts/wish/282060717 2018-09-17 00:18:59 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/282060717 Calculating Average Daily Balance heatherd76 https://padlet.com/heatherd76/35vzy3avkvts/wish/282061205 2018-09-17 00:23:09 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/282061205 Understanding Interest on Credit Cards heatherd76 https://padlet.com/heatherd76/35vzy3avkvts/wish/282061445 2018-09-17 00:25:02 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/282061445 Things not to do!!! heatherd76 https://padlet.com/heatherd76/35vzy3avkvts/wish/282061618 2018-09-17 00:26:27 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/282061618 Amount Financed Formula heatherd76 https://padlet.com/heatherd76/35vzy3avkvts/wish/282062244 Amount financed= Cash Price- Down Payment]]> 2018-09-17 00:30:23 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/282062244 Calculating APR by Using the Table heatherd76 https://padlet.com/heatherd76/35vzy3avkvts/wish/282062434 Finance charge/Amount financed x 100= Table Look up number ]]> 2018-09-17 00:31:32 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/282062434 APR Table heatherd76 https://padlet.com/heatherd76/35vzy3avkvts/wish/282062966 2018-09-17 00:34:56 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/282062966 Monthly Payment Formula heatherd76 https://padlet.com/heatherd76/35vzy3avkvts/wish/282063272 Finance charge + Amount financed/Number of loan payments = Monthly payment due ]]> 2018-09-17 00:36:48 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/282063272 Down Payments are Important heatherd76 https://padlet.com/heatherd76/35vzy3avkvts/wish/282064188 2018-09-17 00:43:04 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/282064188 Deferred Payment Price Formula heatherd76 https://padlet.com/heatherd76/35vzy3avkvts/wish/282064496 Deferred Payment Price= Total of Monthly Payments + Down Payment ]]> 2018-09-17 00:45:00 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/282064496 APR jturkle836 https://padlet.com/heatherd76/35vzy3avkvts/wish/283183635 The APR represents the true or effective annual interest creditors charge. This is helpful to buyers who repay loans over different periods of time]]> 2018-09-18 22:20:07 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/283183635 Finance charge jturkle836 https://padlet.com/heatherd76/35vzy3avkvts/wish/283183946 total finance charge=total of all monthly payments-amount financed. ]]> 2018-09-18 22:22:28 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/283183946 jturkle836 https://padlet.com/heatherd76/35vzy3avkvts/wish/283184083 (what's actually borrowed.)]]> 2018-09-18 22:23:36 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/283184083 Calculating average daily balance and finance charge jturkle836 https://padlet.com/heatherd76/35vzy3avkvts/wish/283184272
Step 1. | Calculate the daily balance or amount owed at the end of each day during the billing cycle:
Step 2. | When the daily balance is the same for more than 1 day, multiply it by the number of days the daily balance remained the same, or the number of days of the current balance. This gives a cumulative daily balance.
Step 3. | Add the cumulative daily balances.
Step 4. | Divide the sum of the cumulative daily balances by the number of days in the billing cycle.
Step 5. | Finance charge = Rate per month × Average daily balance.
Step 6.* | New balance = Previous balance + Cash advances + Purchases − Payments − Credits + Finance charge
]]> 2018-09-18 22:24:59 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/283184272 Amortization jturkle836 https://padlet.com/heatherd76/35vzy3avkvts/wish/283184530 The process of paying off an installment loan in a series of equal payments, of both principal and the interest. ]]> 2018-09-18 22:26:50 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/283184530 The truth lending act and the purpose. jturkle836 https://padlet.com/heatherd76/35vzy3avkvts/wish/283184737 The act requires that creditors inform customers of the finance charge and the annual percentage rate.
The purpose is to ensure that the consumer is aware of the cost of credit.

]]> 2018-09-18 22:28:17 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/283184737 Why do I care about my credit? jturkle836 https://padlet.com/heatherd76/35vzy3avkvts/wish/283186319 A good credit score can result in lower loan terms which can save lots of money.]]> 2018-09-18 22:37:39 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/283186319 Finding APR jturkle836 https://padlet.com/heatherd76/35vzy3avkvts/wish/283186639 2018-09-18 22:40:11 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/283186639 The largest amount of an installment loan interest is charged during the _____ part of the loan jturkle836 https://padlet.com/heatherd76/35vzy3avkvts/wish/283186936 earlier]]> 2018-09-18 22:42:03 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/283186936 Paying the loan minimum meets the standards but will take a huge sum of time jturkle836 https://padlet.com/heatherd76/35vzy3avkvts/wish/283187231 2018-09-18 22:44:13 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/283187231 jturkle836 https://padlet.com/heatherd76/35vzy3avkvts/wish/283187439 2018-09-18 22:45:43 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/283187439 T/F jturkle836 https://padlet.com/heatherd76/35vzy3avkvts/wish/283187797 Revolving charge accounts give consumers close ended credit


Flase]]> 2018-09-18 22:48:40 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/283187797 Building credit jturkle836 https://padlet.com/heatherd76/35vzy3avkvts/wish/283188128 2018-09-18 22:51:31 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/283188128 Chapter goals jturkle836 https://padlet.com/heatherd76/35vzy3avkvts/wish/283188532 Learn of credit and it's importance, learn new formulas to calculate finance charge, amounts financed, deferred payment price, and more. Lots of the things in this chapter relates to real life.
Hopefully have gotten better in sight on making large purchases]]> 2018-09-18 22:55:15 UTC https://padlet.com/heatherd76/35vzy3avkvts/wish/283188532