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14. T F Revolving credit provides a continuous source of funds for a borrower.
15. T F The maximum amount the card holder can borrow on a credit card is called the credit limit .
16. T F Unpaid interest charges and fees are not tacked on to a credit card’s balance.
17. T F You missed your November 15 payment due date and failed to bring your account current by the next billing cycle closing date of November 25, so your account is now 30 days past due . 18. T F If your credit card payment is late, you have a 21 day grace period to make up the payment before the penalty APR or late fees apply. 19. T F On a credit card, the principle of compounding works against you to grow your debt when you have unpaid interest charges and fees. 20. Explain how compounding works against a cardholder when they make only minimum payments on a credit card. _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ PRODUCT PREVIEW
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 259
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