Entry Task There are 20 vocabulary words on p. 200 and 201

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Entry Task There are 20 vocabulary words on p. 200 and 201 List them and their definitions in your notes

4-5 CREDIT CARD STATEMENT Banking 7/3/2018 4-5 CREDIT CARD STATEMENT OBJECTIVES To identify and use the various entries in a credit card statement. Chapter 1

Key Terms billing cycle credit card statement account number Banking 7/3/2018 Key Terms billing cycle credit card statement account number credit line available credit billing date payment due date transactions debit/credit previous balance payments/credits new purchases late charge finance charge new balance minimum payment average daily balance number of days in billing cycle APR monthly periodic rate Chapter 1

Banking 7/3/2018 Chapter 1

Banking 7/3/2018 Example 1 The summary portion of Jane Sharp’s credit card statement shown is above. a. Explain how the new purchases amount was determined. b. Explain how the new balance amount was determined. Chapter 1

CHECK YOUR UNDERSTANDING Banking 7/3/2018 CHECK YOUR UNDERSTANDING Suppose you create the following spreadsheet that models the statement summary and input the values in row 2. Write the spreadsheet formula to compute the new balance in cell F2. Chapter 1

Banking 7/3/2018 Example 2 Pascual has a credit line of $15,000 on his credit card. His summary looks as follows. How much available credit does Pascual have? 4598.12 – 4000 + 1368.55 + 20.00 +5.78 = 1992.45 His new balance is $1992.45. His credit line is $15,000 so $15000 – $1992.45 leaves him $13007.55 in available credit Chapter 1

Banking 7/3/2018 Example 3 Myrna is examining the summary section of her credit card statement. Myrna has checked all the entries on her bill and agrees with everything except the new balance. Determine where the error was made. 1798+800+9.15+19 = 2576.15 Now subtract her payment of 100 and you should get 2476.15. It appears her payment wasn’t credited. Chapter 1

CHECK YOUR UNDERSTANDING Banking 7/3/2018 CHECK YOUR UNDERSTANDING Determine the error that was made using the following summary statement. The new balance should be 597.78. It appears the payment of $560 was recorded as $650. Chapter 1

Homework P. 204 #2-8, 10,11,12,17