Personal Finance – 1/11/17

I.  Bellwork

1. If you invest $1200 a year at 3% interest , how much money will you have at the end of 1 year? Show your work and round to the nearest penny.
2. If you invest $1200 a year at 3% interest , how much money will you have at the end of 2 years? Show your work and round to the nearest penny.
3. How long will it take you to double your money? Show your work

II. Objectives:

• Determine the meaning of words and phrases relating to types of credit, credit agreements, and sources of credit
• Create thinking maps based upon information in the text to distinguish between types of credit and explain various sources of credit.

III.  Notebook & Discussion

• Comparing Terms cardhub.com/credit-cards/
• Types of Credit – Brace Map
• Sources of Credit – Tree Map

IV.  Classwork:  Chapter 16.2

A.  Vocabulary 9  – page 363

B.  Questions & Answers

1. Explain what is a charge card.
2. List examples of a charge card.
3. What are the benefits of a charge card?
4. Explain revolving credit.
5. What are 6 main terms your should examine before selecting a credit card?
6. Explain the difference between transaction fees and penalty fees.
7. List some examples of closed-end credit.
8. What are some common types of service credit.
9. List 3 examples of a retail store credit card.
10. What is an affinity card?
11. Explain the two different types of finance companies and how they operate.

Personal Finance F2016