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Math Finance C04-L05

Wirtz Math Finance Chapter 4 Lesson 5

billing cycle (p200) A predetermined amount of time set by the credit card company that is used for calculating a credit card bill.
credit card statement (p200) An accounting of the credits and debits in the form of a monthly report sent to a credit card holder.
account number - credit card (p201) A unique number that identifies a credit card holder.
credit line (p201) The maximum amount that a person can owe on a credit card at one time.
available credit (p201) The difference between the maximum amount allowed and the actual amount owed on a credit card.
billing date (p200) The date that a credit card statement was written.
payment due date (p201) The due date, or the date the monthly payment must be received by the creditor.
transactions (p201) A purchase, cash advance, or payment made using a credit card.
debit - debt (p201) The amount charged to an account.
previous balance (p201) Any money owed prior to the current billing period.
new purchases (p201) The sum of purchases or debits on an account
late charge (p201) The penalty charged for late payments from a previous month.
finance charge (p201) The interest that is charged to a buyer when paying for a purchase or service over time.
new balance (p201) The amount currently owed on a credit card.
minimum payment (p201) An amount that is the lowest payment the credit card company will accept for the current billing period.
number of days in billing cycle (p201) The amount of time, in days, covered by the current bill.
APR The yearly interest rate.
monthly periodic rate The APR divided by 12.
credit - debt (p201) a payment made to reduce your debt
Created by: shelley.wirtz