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Debt 4.2 & 4.3

Debt 4.2 & 4.3. Finance Charges. Cost of credit in DOLLARS Fours ways to calculate Previous Balance Adjusted Balance Average Daily Balance Past Due Balance. Annual Percentage Rates (APR). Cost of credit in PERCENTAGE How much interest will be charged. Debit Cards. Not a loan

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Debt 4.2 & 4.3

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  1. Debt 4.2 & 4.3

  2. Finance Charges • Cost of credit in DOLLARS • Fours ways to calculate • Previous Balance • Adjusted Balance • Average Daily Balance • Past Due Balance

  3. Annual Percentage Rates (APR) • Cost of credit in PERCENTAGE • How much interest will be charged

  4. Debit Cards • Not a loan • It is your own money • You put money in an account • You take money out of the account

  5. Creditworthiness • Credit Bureau • Private business hired • Credit Check • An investigation on you • More checks = worse credit rating

  6. Credit Rating • Credit scores • 300 – 850 • Higher the better

  7. Ratings • Capacity to pay • Income vs debt • Character • Reliable • Trustworthy • Collateral • What can they take if you don’t pay

  8. Loan Types • Secured Loans • Backed by collateral • Wealth • Unsecured Loans • Backed by Cosigner • Someone else with wealth

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