Chapter 18
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Transcript of Chapter 18
![Page 1: Chapter 18](https://reader035.fdocuments.in/reader035/viewer/2022081519/5563c711d8b42ad6088b45f2/html5/thumbnails/1.jpg)
CHAPTER 18By: Chris Keyes3rd period
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What is the definition of Credit Is the privilege of using someone else
money for a period of time
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What is a Finance Charge Is the total dollar cost of credit including
interest and all other charges
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What Interest Rate do Credit Card Companies often charge? Installment interest
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List 4 Common Credit Card Companies with pictures Visa master card
Black card American express
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Why is it important to know your credit rating It’s the person reputation for paying bills
on time
Good score- 750-815Bad score- 316-619
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List 4 Benefits of using Credit1. Convenience2. Immediate possession 3. Savings4. Credit rating
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List 4 Problems concerned with Credit
1. Overbuying2. Careless buying 3. Higher prices4. Overuse of credit
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What is the Formula for Calculating the Interest? I= P*R*T
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What is a Credit Application Is a form on which you provide
information needed by a lender to make a decision about granting credit
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What is the Truth in Lending Law Of 1968 was the first of a series of credit
protection laws
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What is the Fair Credit Billing Act Requires prompt correction of billing
mistakes