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7 Financial Algebra Lesson 2

Financial Algebra
Unit 4: Lesson 2 Credit Cards
Key Terms
a. Credit Card
g. Fair Debt Collection Practices Act
b. Impulse buying
h. Debit Act
c. revolving charge account
i. Electronic Funds Transfer Act
d. Charge Card
j. Average daily balance
e. Truth-in-Lending Act
k. Mean
f. Fair Credit Billing Act
1. FINANCIAL ALGEBRA, Robert Gerver, Richard Sgroi, South-Western Cengage Learning, 2011
2. Power Point Slides
3. Handout “Money Talks, Should I be Listening: Car Costs” MONEY TALKS
4. YouTube Video “Getting your first Credit Card” CONSUMER REPORTS (1:36)
5. YouTube Video “5 Credit Card Mistakes to Avoid at All Costs” THINK TANK. (4:40)
6. YouTube Video “When to Use Credit or Debit” ABOUT MONEY (8:47)
Learning Targets:
1. Strategies for Teaching students and moving to Higher Order Thinking Skills (HOTS)
a. Knowledge-Examples: Credit card ads showing the APR, Monthly/Annual Fees/Minimum Monthly
b. Comprehension: Discuss: Benefits of low APR, Offsetting annual Fees with Points or Airline miles vs.
High Annual Fees, Problems or benefits for minimum payments and eventual pay off of fees
c. Application: Practice: Students choose 3 credit cards and determine a $200 charge and what it would
cost if they kept it for 12 months
2. Assessment: Students should be able to choose the best credit card which would cost the least extra
money over the $200 over the 12 months using compounding interest and annual fees.
I know students have reached mastery when they have used the tools provided to find the best credit
card that works for them.