Spending a Few Days With Justin Terest

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1 Spending a Few Days With Justin Terest Economics Unit Topic: Credit/Borrowing Mr. Tim Hopfensperger

2 Activity #1 - Definitions (Sections A & B) Directions: Read each of the terms and definitions. Write down some examples that are discussed in class for each term. Use this handout to take additional notes. 1. Want - to have a strong desire for something. It is not needed in order to survive. 2. Need - require something that is essential for survival. 3. Choice - selecting, or having a variety to choose from. 4. Credit - the ability of a customer to obtain goods and services before payment. 5. Interest - money paid regularly at a particular rate for the use of money lent. 6. Debt - Something, usually money, that is owed or due.

3 Using Credit with Justin Terest (Section A) Justin Terest was a very ordinary 18 year old boy who was ready to enter his senior year in high school. Just after his birthday in mid-august, his mother and father sat him down to inform him that his father's job was going to take him to Europe for the next four months. Justin and his family may have to move away for the first half of his senior year. Justin didn't want his last high school year to be disrupted like this, so he asked his parents if he could stay home in America while his parents traveled to Europe until late December. Fortunate for Justin, his parents worked it out that he could stay with a friend of the family until his parents arrived back in the country in December. Since Justin was staying with a family friend his parents setup some financial supervision for him. First, they were allowing him to use the family car during this time period. He only had to fill the car with gas, and get one oil change while his parents were gone. His parents also left four envelopes with the family friend. Justin was to receive one envelope at the beginning of each month. Justin was surprised to learn that each envelope had $300 in it for him to use for spending money. Meals and board were supplied by the family he was staying with. Lastly, his parents had Justin apply for his first credit card. The card was to be used only to buy larger items. Most importantly, his parents told him that if he used the credit card he should try to payoff the balance at the end of each month when the bill arrived. Justin enthusiastically agreed. He had never used a credit card before, and he was pretty excited to have money available whenever he really needed it for the first time in his life. Mr. and Mrs. Terest left for Europe on September 1st. They wouldn't arrive back to America until the end of the December. Justin was a little nervous about his parents being away, but he was also looking forward to some personal and financial independence. Justin received his first envelop of money on the day his parents left. He used some of the money Labor Day weekend to get a bite to eat with his friends and take in a movie. He thought to himself, "Boy, I have a lot of money available to spend. I feel pretty lucky! This is going to be a fun four months." Justin had never really managed money before, but he felt pretty confident that he had plenty of money to do the things he enjoyed, and he would have enough money to buy a few extras along the way. Please look at Justin's purchases over the next four months. Calculate his credit card charges and figure out if he had enough money to pay all of his bills at the end of each month. His credit card company (TAKEMECASH CREDIT CARD COMPANY) charges 18% interest rate annually. Each month he must pay a finance charge of 1.5 % on any unpaid balance. Also, required by the TAKEMECASH credit card company was a minimum payment of $ The booklets you have in your small groups will indicate how much money Justin spent each month on credit. Please calculate and discuss each of his purchases as a group. Record your findings on the final page of the packet. We will do the month of September together to make sure you are all understanding how to record his purchases.

4 Using Credit with Justin Terest - (Section B) Justin Terest was a very ordinary 18 year old boy who was ready to enter his senior year in high school. In mid-august, his parents sat him down and informed him that his father's work was going to take him to Europe for the entire school year. Unfortunately, that meant that Justin and his family may have to move away for his senior year. Justin didn't want his last year of high school to be disrupted, so he asked his parents if he could stay home while his parents traveled to Europe for the school year. Fortunately for Justin, a friend of the family said that Justin could stay with them for the school year. Since Justin was staying with a family friend his parents setup some financial independence for him. First, they were allowing him to use the family car during this time period. He only had to fill the car with gas, and get an oil change every other month. His parents also left him with ten envelopes, one for each month. Each envelope contained $300. So how much money did his parents leave him? Justin was surprised that he had so much money. Lastly, his parents had Justin apply for his first credit card. The card was to be used to make purchasing items a little easier for him. Also, he wouldn't have to carry a lot of money with him. Justin had never used a credit card before, but he was pretty excited to have money available whenever he really needed it. Justin was a little nervous about his parents going away, but he was looking forward to some personal and financial independence. Justin had never really managed money before, but he felt pretty confident that he had plenty of money to do the things he enjoyed. In the beginning of the school year, Justin had to spend the bulk of his money on several items. He bought clothes, school supplies, a new ipod, and went out with his friends for a bite to eat, or to catch a movie once in awhile. He felt he didn't waste money, and thought it would be best to charge everything to his credit card. By doing this, he could keep track of everything he was spending money on. The he would pay it off a little at a time. Over the course of the school year, Justin continued to purchase items and he paid for everything with his credit card. It was easy to do, and he was paying a portion of the charges off every month.($50) He was eager to show his parents he was able to spend money wisely in their absence. Within each of your groups, you will receive a large card which displays the charges that Justin made that school year and has not yet paid off. His credit card company (TAKEMECASH CREDIT CARD COMPANY) charges an interest rate annually. Also, required by the TAKEMECASH credit card company was a minimum payment of $50.00 each month. Each of you have a different amount of money that you will be working with. Give me an idea what you think should be put in all the remaining blanks. Once you have finished filling in each of the blanks, I would like you to check the actual amount he must pay in order to payoff his credit card at this rate on the computer in the front of the classroom. Lastly, you will flip the card over and come up with an answer to the questions on the back of your card. Points will be given for details given, and drama! (Provide examples and definitions)

5 Name What are your thoughts on having a credit card? (Sections A & B) Directions: Answer the following questions in short answer form. 1. Is using a credit card a good and easy way to buy things that you would like? 2. When do you hope you get your first credit card? Why? 3. When do you think you would be old enough to be able to take on the responsibility of having a credit card? Why?

6 Card #1 - (Section B) $1,000 credit card bill Minimum payment =$50.00 Annual Interest rate = -- Payments = Interest paid = Total amount paid =

7 Card #2 (Section B) $1,500 credit card bill Minimum payment =$50.00 Annual Interest rate = -- Payments = Interest paid = Total amount paid =

8 Card #3 (Section B) $2,000 credit card bill Minimum payment =$50.00 Annual Interest rate = -- Payments = Interest paid = Total amount paid =

9 Card #4 (Section B) $2,500 credit card bill Minimum payment =$50.00 Annual Interest rate = -- Payments = Interest paid = Total alllount paid =

10 Card #5 (Section B) $3,000 credit card bill Minimum payment =$50.00 Annual Interest rate = -- Payments = Interest paid = Total amount paid =

11 Card #6 (Section B) $3,500 credit card bill Minimum payment =$50.00 Annual Interest rate = --- Payments = Interest paid = Total amount paid =

12 Month by Month Spending with Justin Terest (Section A) September Item Cost Purchase of new school clothes $ Purchase of school supplies $ School fees $ Gas for car (twice) $ New cellphone $ Total cost =?. Each month Justin spends $50.00 on small items. Getting a bite to eat with friends, buying a soda or some candy at the store.

13 Month by Month Spending with Justin Terest (Section A) October Item Cost Attended a Packer game $ Ticket, food, transportation Gas for car (twice) $ Total cost =?. Each month Justin spends $50.00 on small items. Getting a bite to eat with friends, buying a soda or some candy at the store.

14 MOl1th by Month Spending with Justin Terest (Section A) November Item Cost Gas for car (twice) $ Total cost =?. JUstil1 didn't want to charge mol1ey on anything else t11is month. He new he was falling behind on his payments, and his parents would be returning next mont11. Each month Justin spends $50.00 on small items. Getting a bite to eat with friends, buying a soda or some candy at the store.

15 Month by Month Spending with Justin Terest (Section A) December Item Cost Purchased a gift for his parents $ Purchased a gift for his girlfriend $ Gas for car (twice) $ Total cost =?. Each month Justin spends $50.00 on small items. Getting a bite to eat with friends, buying a soda or some candy at the store.

16 Worksheet to Calculate Justin Terest (Section A) September Purchases + - Minimum payment Unpaid Credit Balance = October Purchases + +Previous balance + Finance charge = Total owed - Minimum payment Unpaid Credit Balance = November Purchases + +Previous balance + Finance charge = Total owed - Minimum payment Unpaid Credit Balance = December Purchases + + Previous balance + Finance charge = Total owed - Minimum payment Unpaid Credit Balance =

17 Worksheet to Calculate Justin Terest (Section A) September Purchases + - Minimum payment Unpaid Credit Balance = October +Previous balance + Finance charge = Total owed - Minimum payment Unpaid Credit Balance = November +Previous balance + Finance charge = Total owed - Minimum payment Unpaid Credit Balance = December + Previous balance + Finance charge = Total owed - Minimum payment Unpaid Credit Balance = Initial purchase Amount paid Amount owed

18 ltsing Credit...Good or Bad Choice? (Sections A & B) Good Bad 1. Jerel Williams needs a new mattress. He still has the mattress that he had as a young boy. He has been saving $50 a month for the past few months in order to buy a nice $350 mattress set that he has had his eye on. Suddenly that set goes on sale for $250. He decides to buy the mattress on credit now? 2. Sue Brown is a single mother with one child. She drives an old car and she frequently has problems with it. It has caused her to arrive late to work several times. Sue is thinking of purchasing a more expensive, dependable used car. She decides to purchase the newer used car? 3. Kathy Garvey is the homecoming queen at her high school. She is looking for a nice dress for the homecoming dance. Kathy finds a dress that costs $75 and she has enough cash to pay for it. Suddenly, she finds a dream dress that is $80 more than the other dress. She figures she will only be able to go to Homecoming once in her life so she charges the dress. 4. Jim Whitehorst recently started a new job as a salesperson. His salary is based on commission. This means the more he sells, the more money he makes. He feels he is going to make a great deal of money at this job so he starts shopping for a new car. He decides to purchase an exclusive sports car on credit. He figures he may as well enjoy some of luxuries in life while he can afford it. *Share your ideas!

19 Evaluation (Section B) (Written on the back of each of the cards) Card #1 - What is credit? Is it a good thing to use? Card #2 - Provide the advantages and disadvantages of using credit? Card #3 - What is the difference between a want and a need? Card #4 - What is debt? How do we get in or out of it? Card #5 - What is interest? Is it a good or bad thing? Card #6 - How is choice used when deciding on how to use our money?

20 Activity #1 - Definitions (Sections A & B) Directions: Read each of the terms and definitions. Write down some examples that are discussed in class for each term. Use this handout to take additional notes. 1. Want - to have a strong desire for something. It is not needed in order to survive. new w bike. toys. video game, ipod, computer. new house 2. Need - require something that is essential for survival. wat r, food. shelter. and clothing 3. Choice - selecting, or having a variety to choose from. Coke or Pepsi. Pizza or Papa John's. chocolate or vanilla ice cream 4. Credit - the ability of a customer to obtain goods and services before payment. Purchasing a new bicycle without paying mon y for it. You will have to for it at a later time (p 5 ibly with interest) 5. Interest - money paid regularly at a particular rate for the use of money lent. Borrowing ten dollars rom a friend and having t pay them back $ Debt - Something, usually money, that is owed or due. Buying a home and still owing money to the bank for that loan

21 Using Credit with Justin Terest (Section A) Justin Terest was a very ordinary 18 year old boy who was ready to enter his senior year in high school. Just after his birthday in mid-august, his mother and father sat him down to inform him that his father's job was going to take him to Europe for the next four months. Justin and his family may have to move away for the first half of his senior year. Justin didn't want his last high school year to be disrupted like this, so he asked his parents if he could stay home in America while his parents traveled to Europe until late December. Fortunate for Justin, his parents worked it out that he could stay with a friend of the family until his parents arrived back in the country in December. Since Justin was staying with a family friend his parents setup some financial supervision for him. First, they were allowing him to use the family car during this time period. He only had to fill the car with gas, and get one oil change while his parents were gone. His parents also left four envelopes with the family friend. Justin was to receive one envelope at the beginning of each month. Justin was surprised to learn that each envelope had $300 in it for him to use for spending money. Meals and board were supplied by the family he was staying with. Lastly, his parents had Justin apply for his first credit card. The card was to be used only to buy larger items. Most importantly, his parents told him that if he used the credit card he should try to payoff the balance at the end of each month when the bill arrived. Justin enthusiastically agreed. He had never used a credit card before, and he was pretty excited to have money available whenever he really needed it for the first time in his life. Mr. and Mrs. Terest left for Europe on September 1st. They wouldn't arrive back to America until the end of the December. Justin was a little nervous about his parents being away, but he was also looking forward to some personal and financial independence. Justin received his first envelop of money on the day his parents left. He used some of the money Labor Day weekend to get a bite to eat with his friends and take in a movie. He thought to himself, "Boy, I have a lot of money available to spend. I feel pretty lucky! This is going to be a fun four months." Justin had never really managed money before, but he felt pretty confident that he had plenty of money to do the things he enjoyed, and he would have enough money to buy a few extras along the way. Please look at Justin's purchases over the next four months. Calculate his credit card charges and figure out if he had enough money to pay all of his bills at the end of each month. His credit card company (TAKEMECASH CREDIT CARD COMPANY) charges 18% interest rate annually. Each month he must pay a finance charge of 1.5% on any unpaid balance. Also, required by the TAKEMECASH credit card company was a minimum payment of $ The booklets you have in your small groups will indicate how much money Justin spent each month on credit. Please calculate and discuss each of his purchases as a group. Record your findings on the final page of the packet. We will do the month of September together to make sure you are all understanding how to record his purchases.

22 Using Credit with Justin Terest (Section B) Justin Terest was a very ordinary 18 year old boy who was ready to enter his senior year in high school. In mid-august, his parents sat him down and informed him that his father's work was going to take him to Europe for the entire school year. Unfortunately, that meant that Justin and his family may have to move away for his senior year. Justin didn't want his last year of high school to be disrupted, so he asked his parents if he could stay home while his parents traveled to Europe for the school year. Fortunately for Justin, a friend of the family said that Justin could stay with them for the school year. Since Justin was staying with a family friend his parents setup some financial independence for him. First, they were allowing him to use the family car during this time period. He only had to fill the car with gas, and get an oil change every other month. H s parents also left him with ten envelopes, one for each month. Each envelope contained $300. So how much money did his parents leave him? Justin was surprised that he had so much money. Lastly, his parents had Justin apply for his first credit card. The card was to be used to make purchasing items a little easier for him. Also, he wouldn't have to carry a lot of money with him. Justin had never used a credit card before, but he was pretty excited to have money available whenever he really needed it. Justin was a little nervous about his parents going away, but he was looking forward to some personal and financial independence. Justin had never really managed money before, but he felt pretty confident that he had plenty of money to do the things he enjoyed. In the beginning of the school year, Justin had to spend the bulk of his money on several items. He bought clothes, school supplies, a new ipod, and went out with his friends for a bite to eat, or to catch a movie once in awhile. He felt he didn't waste money, and thought it would be best to charge everything to his credit card. By doing this, he could keep track of everything he was spending money on. The he would pay it off a little at a time. Over the course of the school year, Justin continued to purchase items and he paid for everything with his credit card. It was easy to do, and he was paying a portion of the charges off every month.($50) He was eager to show his parents he was able to spend money wisely in their absence. Within each of your groups, you will receive a large card which displays the charges that Justin made that school year and has not yet paid off. His credit card company (TAKEMECASH CREDIT CARD COMPANY) charges an interest rate annually. Also, required by the TAKEMECASH credit card company was a minimum payment of $50.00 each month. Each of you have a different amount of money that you will be working with. Give me an idea what you think should be put in all the remaining blanks. Once you have finished filling in each of the blanks, I would like you to check the actual amount he must pay in order to payoff his credit card at this rate on the computer in the front of the classroom. Lastly, you will flip the card over and come up with an answer to the questions on the back of your card. Points will be given for details given, and drama! (Provide examples and definitions)

23 Card #1 (Section B) $1,000 credit card bill Minimum payment =$50.00 Annual Interest rate = 18% Payments = 24 Interest paid = $ Total amount paid =

24 Card #2 (Section B) $1,500 credit card bill Minimum payment =$50.00 Annual Interest rate = 18% Payments =41 Interest paid =~ :;.7~5 Total amount paid = I...~~~

25 Card #3 (Section B) $2,000 credit card bill Minimum payment =$50.00 Annual Interest rate = 18% Payments = 62 Interest paid = ~~ Total anlount paid = -"---

26 Card #4 (Section B) $2,500 credit card bill Minimum payment =$50.00 Annual Interest rate = 18% Payments = 94 Total amount paid =.$4,655.59

27 Card #5 (Section B) $3,000 credit card bill Minimum payment =$50.00 Annual Interest rate = 18% Payments = 155 Interest paid = Total amount paid =.$7,733.00

28 Card #6 (Section B) $3,500 credit card bill Minimum payment =$50.00 Annual Interest rate = 18% Payments =? Interest paid =? Total amount paid =? * Each month your interest would be Therefore, your principal amount wijl grow and not be paid off. At this rate, you will never payoff this bill.

29 Month by Month Spending with Justin Terest (Section A) September Item Cost Purchase of new school clothes $ Purchase of school supplies $ School fees $ Gas for car (twice) $ Total cost = $ Each month Justin spends $50.00 on small items. Getting a bite to eat with friends, buying a soda or some candy at the store.

30 Month by Month Spending with Justin Terest (Section A) October Item Cost Attended a Packer game $ Ticket, food, transportation Gas for car (twice) $ Total cost = $ Each month Justin spends $50.00 on small items. Getting a bite to eat with friends, buying a soda or some candy at the store.

31 Month by Month Spending with Justin Terest (Section A) November Item Cost Gas for car (twice) $ Total cost = $ Justin didn't want to charge money on anything else this month. He new he was falling behind on his payments, and his parents would be returning next montll. Each month Justin spends $50.00 on small items. Getting a bite to eat with friends, buying a soda or some candy at the store.

32 Month by MOl1th Spending with Justin Terest (Section A) December Item Cost Purchased a gift for his parents $ Purchased a gift for his girlfriend $ Gas for car (twice) $ Total cost = $ Each month Justin spends $50.00 on small items. Getting a bite to eat with friends, buying a soda or some candy at the store.

33 Worksheet to Calculate Justil1 Terest September Purchases + (Section A) --'$--'-40=.:5"-=-.0""--'o"'-- - Minimum payment Unpaid Credit Balance = $ '$~35:::...:5"'.0~0~ October Purchases + +Previous balance + Finance charge (1.5%) =Total owed - Minimum payment Unpaid Credit Balance = $ $ $6.08 $ $50.00 $ November Purchases + +Previous balance + Finance charge (1.5%) = Total owed - Minimum payment Unpaid Credit Balance = $80.00 $ $7.74 $ $50.00 $ December Purchases + + Previous balance + Finance charge (1.5%) = Total owed - Minimum payment Unpaid Credit Balance = $ '$~55:::...:3"'.8"""2" $.=8.=:.3.=1 $ $=5=0.'--"'0=0 $...:..7:...,,17'-'-.~13"---

34 Worksheet to Calculate Justin Terest September Purchases + (Section A) $2, Minimum payment $50.00 Unpaid Credit Balance = $1, October +Previous balance $ Finance charge $29.25 = Total owed $ Minimum payment $50.00 Unpaid Credit Balance = $ November +Previous balance + Finance charge = Total owed - Minimum payment Unpaid Credit Balance = --:$1, :$ :$ :$ :$L December + Previous balance + Finance charge = Total owed - Minimum payment Unpaid Credit Balance = $ :$ $ Initial purchase Amount paid $ Amount still owed ~ *Lost nearly $100 dollars to interest in just three months!

35 Name What are your thoughts on having a credit card? Sections A & B) Directions: Answer the following questions in short answer form. 1. Is using a credit card a good and easy way to buy things that you would like? Possible answers: Credit cards can be a great thing for us to have so we don't always have to carry money with LIS. It is important to understand that we have to have the money available when the bill omes, otherwise we will pay large amounts of money in inte est. 2. When do you hope you get your first credit card? Why? Possible answers: Answers will vary! Credit cards are nice to get once an individual starts to buy larger priced items. Therefore it isn t neces ary to carry large amount of money around. More conveni nt. 3. When do you think you would be old enough to be able to take on the responsibility of having a credit card? Why? Po 'sible answers: Answers will vary. An individual would be old enough to take r sponsibility to have a credit card once they are making money and they have setup a budget. They mu 't have money corning in each month so that they can pay off their credit card bill each month. If they don t, they wilj a n find themselves 'n financial trouble.

36 Using Credit...Good or Bad Choice? (Sections A & B) Good Bad x 1. Jerel Williams needs a new mattress. He still has the mattress that he had as a young boy. He has been saving $50 a month for the past few months in order to buy a nice #350 mattress set that he has had his eye on. Suddenly that set goes on sale for $250. He decides to buy the mattress on credit now? x 2. Sue Brown is a single mother with one child. She drives an old car and she frequently has problems with it. It has caused her to arrive late to work several times. Sue is thinking of purchasing a more expensive, dependable used car. She decides to purchase the newer used car? X 3. Kathy Garvey is the homecoming queen at her high school. She is looking for a nice dress for the homecoming dance. Kathy finds a dress that costs $75 and she has enough cash to pay for it. Suddenly, she finds a dream dress that is $80 more than the other dress. She figures she will only be able to go to Homecoming once in her life so she charges the dress. X 4. Jim Whitehorst recently started a new job as a salesperson. His salary is based on commission. This means the more he sells, the more money he makes. He feels he is going to make a great deal of money at this job so he starts shopping for a new car. He decides to purchase an exclusive SPOltS car on credit. He figures he may as well enjoy some of luxuries in life while he can afford it. *Share your ideas!

37 Evaluation (Written on the back of each of the cards) (Section B) Card #1 - What is credit? Is it a good thing to use? Possible answer: the ability of a customer t obtain goods and services before payment Purchasing a new bicycle without paying money for it. You will have to for it at a later time (possibly with interest) Card #2 - Provide the advantages and disadvantages of using credit? Possible answer: getting credit will allow you to purchase large items like a ar or a house, Large items are very difficult to afford when you are young. The disadvantage would be that too many people don't manage their money properly, and they get very far in debt. or some it get:; so bad that they can't tind a way out. Card #3 - What is the difference between a want and a need? Possible answer: A need is something you need in order to survive, but a want is something a person may have a strong desire f r something. It is not needed in order to survive. Card #4 - What is debt? How do we get in or out of it? Possible answer: Something, usually money. that is owed or due. Make sure you don't overspend, and pay all of your bills on time Card #5 - What is interest? Is it a good or bad thing? Po ible answer; Interest i' money paid regularly at a particular rate for the 1I e of money lent. ]1' you have a bank account. you receive interest on your money. If you borrow, you will have to pay interest (or additional money) f r the money you borrowed. Card #6 - How is choice used when deciding on how to use our money? Possible answer: selecting, or having a variety to ho se from. Coke or Pepsi. Pizza or Papa John s, chocolate or vanilla Ice cream. We also have the choice t pay cash or credit, or to make the choice to buy or not buy omething that may be over our budget

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