Credit Cards (HSC SSCE Mathematics Standard): Flashcards

Purchase now, pay later (borrowing from card issuer)

Time when no interest charged on purchases

From original date of purchase (retroactively)

Compound interest calculated daily

rac{ ext{Annual interest rate}}{365}

$FV = PV(1 + r)^n$

Monthly ledger tracking spending and balance

Smallest amount to pay to avoid late fees

Late fee, interest charges, potential credit rating damage

Charged yearly whether card used or not