• Credit Card Statement

    Posted by Kurt Waldner on 3/13/2020

    Today in class, we completed a much more realistic example of a finding a credit card balance.  We completed the worksheet that is attached here.  The additional step we incorporated was to find the amount of available credit (basically the credit limit minus the balance).  This just lets us know how much money we can still spend on the credit card.  The other twist was the constantly changing amount of the balance.  Every time we purchased something else, the balance would increase (which means our minimum payment would increase and the amount of the APR would also increase!).  The solutions are attached here.  We'll look into a similar situation next week.

    There is no homework.  Have a wonderful long weekend.  GO LIONS!!

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  • Credit Card Payments and Sheets

    Posted by Kurt Waldner on 3/12/2020

    Today in class, we finished discussing how to use Google Sheets to create and use a spreadsheet to find out the table values for our credit card situations.  It is important for students to be able to use the technology and various programs to help with many financial situations.  Tomorrow, we will finish up with another credit card situation.

    There is no homework.  We will have a quiz on credit cards next week.

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  • Sheets not Sheetz

    Posted by Kurt Waldner on 3/11/2020

    Today in class, we used Google Sheets to set up a spreadsheet to quickly calculate the credit card payments.  We set up the first two charts and will continue working with these tomorrow and eventually compare the credit card payment worksheet.

    For homework, make sure the credit card payment worksheet is complete.

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  • Will It Ever Get Paid Off???

    Posted by Kurt Waldner on 3/10/2020

    Today in class, we continued to work with calculating credit card payments.  By using a spreadsheet, we could quickly calculate the balance for an infinite amount of payments (at least 227.5 years worth!!).  This also allowed us to compare the different payment options and see which method is most beneficial to the consumer.  We used the remainder of the period to complete the worksheet.  We'll look at the solutions tomorrow and work with spreadsheets to calculate the remaining balance.

    For homework, complete the credit card payment worksheet.

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  • Credit Card Payments

    Posted by Kurt Waldner on 3/9/2020

    Today in class, we worked on finding the amount of money still owed after paying a minimum amount and adding on the APR (worksheet attached here).  We hit four different situations (2% minimum with 18% APR, 3% minimum with 18% APR, 2% minimum with 24% APR, and 3% minimum with 24% APR.  We only calculated five months.  We'll look at some other situations tomorrow.

    For homework, complete the worksheet.

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  • Credit Card Payments

    Posted by Kurt Waldner on 3/6/2020

    Today in class, we discussed the different parts of calculating a credit card payment.  There are a few terms that we need to understand in order to properly do the calculations:

    Credit Limit - This is the total amount of money the credit card company will "let" you spend.

    Balance - This is the amount of money you spend using the credit card.

    Minimum Payment - This is a percentage of the balance, usually 2% - 5%.

    APR - Annual Percentage Rate.  This is the percentage of the balance that is added (as interest).  This can be calculated many different ways (daily, average daily, monthly, before minimum payment, after minimum payment).  The manner is which it is calculated will affect the remaining balance.

    We looked at three different situations for calculating the remaining balance.  The first method, we subtracted the minimum payment from the balance, found the APR (monthly) of the remaining balance, and added it back to create the final remaining balance.  The second method, we subtracted the minimum payment from the balance, found the APR (monthly) of the original monthly balance, and added it onto the reduced balance.  The last method was looking at an example of calculating the APR daily.  We will work on calculating balances on Monday.

    There is no homework.  Have a great weekend.  GO LIONS!!

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  • Credit Cards

    Posted by Kurt Waldner on 3/5/2020

    Today in class, we watched two short but informative (and somewhat scary) videos on grace periods for paying a credit card and only paying the minimum payment for a credit card balance.  After viewing the videos, we took a quick "quiz" on credit cards and how they are used.  Finally, the students received an article written by a young lady describing her struggles with credit cards which ultimately led to her filing for bankruptcy.  Tomorrow, we will look into the actual payment process.

    There is no homework.  

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  • Credit Cards

    Posted by Kurt Waldner on 3/4/2020

    Today in class, we started by debriefing the financial literacy day by Junior Achievement.  There were some good points brought out by the students.  We then went over a list of ten things teens should know about credit cards.  The article is attached here.  We will dive deeper into the world of "Plastic" tomorrow.

    There is no homework.

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  • NO CLASS (JA Financial Literacy Day)

    Posted by Kurt Waldner on 3/3/2020

    Due to the Junior Achievement Financial Literacy Day, we did not have class today.  I hope the students enjoyed their day.

    There is no homework.

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  • Credit Cards (The Goldberg Way)

    Posted by Kurt Waldner on 3/2/2020

    Today in class, we returned the 40 point quiz on sales tax, unit rates, and comparison shopping.  We then watched an episode of the Goldbergs involving credit cards and get rich quick schemes.  We will start discussing credit cards later this week.  

    There is no homework.

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