University:
University of Minnesota, Twin Cities
Course:
FSOS 1301 | Cash Or Credit: You Need To Know
Academic year:

2020
Views:

194

Pages:

2
Author:

rehinhea0c

ANALYSIS John Doe’s Credit Card Statement Directions: Use the credit card statement to answer the questions on the following page. Summary of Account Activity Payment Information Previous Balance . . . . . . . . . . . . . . . . .$1000.00 Payments . . . . . . . . . . . . . . . . . . . . . . $500.00 Other Credits . . . . . . . . . . . . . . . . . . . $0.00 Purchases . . . . . . . . . . . . . . . . . . . . $725.00 Balance Transfers . . . . . . . . . . . . . . . .$0.00 Cash Advances . . . . . . . . . . . . . . . . . . $0.00 Due Amount . . . . . . . . . . . . . . . $0.00 Fees Charged . . . . . . . . . . . . . . . . . . . $35.00 Interest Charged . . . . . . . . . . . . . . . . $10.54 Current Balance . . . . . . . . . . . . . . . Credit Limit . . . . . . . . . . . . . . . . . . Available Credit . . . . . . . . . . . . . . . Statement Closing Date . . . . . . Days in Billing Cycle . . . . . . . . . . . . $1270.54 $5000.00 $3729.46 04/20/19 30 Questions? Call Customer Service . . . .1-800-xxx-xxxx Lost or Stolen Credit Card .1-800-xxx-xxx Current Balance . . . . . . . . . . . . . . $1270..54 Minimum Payment Due . . . . . . . . . . $25.00 Payment Due Date . . . . . . . . . . . . .4/29/19 Late Payment Warning: If we do not receive your minimum payment by the date listed above, you may have to pay a $35 late fee and your APRs may be increased up to the penalty APR of 28.99%. Total Minimum Payment Warning: If you make only minimum payments, you will pay more and it will take longer to pay off your balance. For example: • If you pay only the minimum payment it will take 93 months to pay off and you will have paid $1891.33 TRANSACTION SUMMARY FINANCE CHARGE CALCULATION Purchases @ 13.99% APR: $0.00 Balance Transfers @ 13.99% APR: $0.00 Cash Advances @ 25.99% APR: $0.00 Send Payment to: Blue CARD SERVICES PO BOX 999 MONEYVILLE, MA 99999-9999 Fees and Interest Late fees $35.00 Balance transfer fees $0.00 Cash advance fees $0.00 Total fees for this period $0.00 Total interest for this period $10.54 Account Number 9999 5555 9999 5555 Payment Due Date: 4/29/2019 New Balance Total: $1270.54 Current Payment Due: $25.00 Amount Enclosed $_________ ANALYSIS John Doe’s Credit Card Statement Name____________________ Per.______ Date:___________ Directions: Use the credit card statement to answer the questions below. 1. What is the current balance that Joe Doe owes? 2. What is the total amount that Joe charged for this billing cycle? a. List the purchases that Joe made. 3. How much did Joe pay for his last payment? 4. Why was Joe charged $35 by the credit card company? 5. How much interest was Joe charged for this month? 6. What is the credit limit that Joe has for this credit card? a. What is Joe’s available credit? 7. What is APR for purchases for this credit card? 8. What is the minimum payment amount that Joe must make? 9. When is the due date for Joe to make a payment? 10. Did Joe take a cash advance on this credit card? 11.Why did you think the federal government requires that financial institutions place a “Total Minimum Payment Warning” on all credit card statements?

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Lecture Notes for Cash Or Credit You Need To Know

University of Minnesota, Twin Cities FSOS 1301 | Cash Or Credit: You Need To Know

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