How Much Does Credit Cost?:This activity is meant to give students a better idea of how much credit card debt costs. Students use a credit card payment calculator to determine how long it takes to pay off a credit card balance and how much interest they will be paying along the way. This is a great way for students to realize how credit card debt can become very expensive very quickly.
Using an online credit card payment calculator, students input a credit card balance, interest rate, and monthly payment. The calculator then provides information on the time it takes to pay off the debt as well as how much interest would be paid. Paying just the minimum is compared with paying extra on the principle. Questions then have students analyze the information they filled into their table.
An answer key is provided, although the analysis questions are somewhat open ended, so students’ answer may vary.
This is a great resource to use in a consumer or financial math unit! I hope you and your students find this activity useful for years to come!
Be sure to come back and rate this product to claim your TpT credits! If there is an issue with the product or you have a question, please use the Q&A tab and allow me to address the issue before you rate the product. Thank you!
This license is for a single end user. If you would like to share this product with your colleagues, please purchase additional licenses during checkout. Thank you!