Personal Finance – 5/23/17

I.  Bellwork

Kyle has a balance on his credit card of $4000.  His interest rate is 24%/year.  He makes a $250  payment each month.

SHOW YOUR WORK FOR EACH PROBLEM

  1. What is his credit balance the first month?
  2. What is his credit balance the second month?
  3. What is his credit balance the third month?

II.   Objectives

  • Calculate compound interest and determine the monthly balance for a credit card.
  • Develop a personal finance strategy for earning, spending, saving and investing resources.

III.  Classwork

  1.  Practice test and review on iLearn – Parts A & B
  2.  Banzai – Due on Thursday at the end of class


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