UNIT 3 LESSON 8- Cost of Credit Anticipation Guide

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Name:________________________
Date:______________
Cost of Credit Anticipation Guide
Task: Based on your current knowledge of credit cards, complete this anticipation guide. Throughout the
lesson, you will learn information that can be used as evidence either supporting or contradicting each of
these statements. As you learn about credit and locate the evidence, record it in the spaces below each
statement. Please complete and submit as directed by your teacher.
1. T/F___ Credit card interest rates tend to be lower than rates for other loans.
Evidence:
2. T/F___ The longer the repayment period on a loan and the higher the interest rate on a loan, the larger
the total amount of interest charged on a loan.
Evidence:
3. T/F___ If you get a low APR (annual percentage rate), you will likely have that APR for the duration of your
use of that credit card.
Evidence:
4. T/F___Simple interest and compound interest result in the same outcomes for your money.
Evidence:
5. T/F___Failure to repay a loan could lead to negative entries on your credit report, repossession of
property, garnishment of wages, and the inability to obtain loans in the future.
Evidence:
6. T/F___It is better to invest in higher-risk investments as you near retirement.
Evidence:
7. T/F___Consumers can get a free copy of their credit report each year so they can verify that no errors
were made that might increase their cost of credit.
Evidence:
8. T/F___Diversification by investing in different types of financial assets can raise investment risk.
Evidence:
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9. T/F___Short term investments will likely have higher rates of return than longer-term investments.
Evidence:
10. T/F___Credit reports and scores may be requested and used by employers in hiring decisions, landlords in
deciding whether to rend apartments, and insurance companies in charging premiums.
Evidence:
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7/6/2015
©2015 Educurious Partners--All rights reserved
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