Repayment option
Alicia Lyons
Created on November 27, 2024
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Transcript
Activity Understanding credit card payment choices
Repayment options
Start
£0
£15
£18
What charges?
Samantha has a credit card balance of £1,000. Her card has an annual interest rate of 18%. If she pays the full balance this month, how much interest will she be charged?
£40
£20
£60
What charges?
John has a credit card balance of £2,000. His minimum payment is 3% of the balance. What would his minimum payment be this month?
£1000
£500
£2000
What charges?
Erica has a credit card limit of £3,000 and currently owes £2,500. If she makes a payment of £500, what will her available credit be?
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When you pay your full balance, you avoid any interest charges during the grace period.
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3% of £2,000 = £60 (£2,000 × 0.03)
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Original available credit: £500 (£3,000 - £2,500)After £500 payment: £1,000 available (£500 + £500)
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