Consumer Math p 7374 Key Words Charge account an account with a store or company to which goods are charged and then paid for at a later date Minimum Payment the smallest amount due to be paid on a charge account ID: 460714
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Slide1
Lesson 10: Using a Charge Account
Consumer Math
p. 73-74Slide2
Key Words
Charge account:
an account with a store or company to which goods are charged and then paid for at a later date
Minimum Payment:
the smallest amount due to be paid on a charge account
Interest:
a fee charged on the unpaid balance of a charge account
Statement:
a monthly record was sent to charge account customersSlide3
Example
Cardholder
Current
Balance
Minimum
Payment
Monthly Interest Rate
Unpaid
Balance
Interest Charge
New Balance
1.
Electra
$245.78
$10.00
1.5%
($245.78
- $10.00)
$235.78
($235.78 x 0.015 = 3.5367)
(round to
$3.54
)
(235.78 + $3.54)
$239.32Slide4
ExampleSlide5
WorksheetSlide6
Lesson 11: Using a layaway plan
Consumer Math
p. 75Slide7
Layaway
Some customers prefer to buy their clothes by using a
layaway
plan. They pay part of the price as a deposit. The store keeps the item until the customer pays the remainder of the price. There are no interest charges. However, there is usually a limit to the time that the item may be laid away.Slide8Slide9
Worksheet