chap 8 d - Exhibit 8.1 How Interest Payments Are Influenced...

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Exhibit 8.1 How Interest Payments Are Influenced by Interest Rates Exhibit 8.1 How Interest Payments Are Influenced by Interest Rates (cont’d) Credit Cards (cont’d) Impact of financing period on credit payments Total amount of interest paid is dependent on the length of financing period The longer the financing period, the higher the amount of interest paid Credit Cards (cont’d) Credit card statement Details differences in new balance and previous balance Comparing credit cards Acceptance by merchants Annual fee Interest rate Watch for “teaser rates” Maximum limit Credit Cards (cont’d) Other provisions Are cash advances allowed and, if so, what is the fee? What is the grace period? Is there a late-payment charge? How much is the interest rate increased if your payment is made after the grace period? What is the fee if you access more credit
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chap 8 d - Exhibit 8.1 How Interest Payments Are Influenced...

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