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Tianna McClenton U8 Lab Qs 1.What are credit cards? Why do people use them? Credit cards are a way that people borrow money from a bank and pay it back with interest. People use them to make purchases when they don’t have the money, but will by the end of the month. 2.What is interest? How does interest affect credit card purchases? Interest is the additional money owed by a credit card owner based on a certain percentage of what they spent. 3.What are the benefits of using a credit card? What are the drawbacks of using a credit card? Some advantages are that a credit card is convenient, you don’t have to pay until later, and you can buy expensive things, even if you don’t have the money to. Some disadvantages are that you pay more than the cost would’ve been with cash, you will eventually have to pay, and you could go into debt from overusing a credit card. 4.In the case files section, four people pay a different price for the same digital music player? Why do the prices they paid differ? Explain the factors that affected each
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  • Spring '18
  • mary dey
  • Payment, Credit card, Credit history

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