Credit is an arrangement to receive cash, goods, or services now and pay for
them in the future.
3 points
3
Question 2
2.
What is your credit card limit?
4 points
4
Question 3
3.
A debit card is different from a credit card because..
2 points
2
Question 4
4.
What is the monthly Periodic rate with an APR of 29.89%. Round to the neare hundreth (two decimal places).
5 points
5
Question 5
5.
What is the new balance?
4 points
4
Question 6
6.
If the credit limit for this summary was $5,500, what is the amount of available credit?
3 points
3
Question 7
7.
Travis and Marissa do not pay their credit card in full each month, so they incur finance charges. On their last credit card statement, the average daily balance was $1,239.80, and the monthly periodic rate is 2.14%. What should be the finance charge on the statement?
3 points
3
Question 8
8.
Lluvia went on vacation when her wallet was stolen. She noticed right away from an alert on her app on her phone. She notified Discover when she saw someone spend $3,200.00. How much is Lluvia responsible for?
2 points
2
Question 9
9.
Erick's Monthly Periodic rate is 1.91%. What is his APR?
2 points
2
Question 10
10.
What is the loan amount?
2 points
2
Question 11
11.
What is the total interest paid?
2 points
2
Question 12
12.
How much is the monthly payment? (Notice the table is YEARLY)
3 points
3
Question 13
13.
How many purchases were made during the month of September so far?
2 points
2
Question 14
14.
What is the amount of all the purchase transactions?
2 points
2
Question 15
15.
How many days are in the billing cycle?
3 points
3
Question 16
16.
What is the average daily balance of Jesus' credit card?
3 days @ $211.22
6 days @ $542.41
9 days @ $145.18
4 days @ $568.94
8 days @ $1,027.65
1 point
1
Question 17
17.
Sierra wants to take out a $14,500 loan with a 4.7% APR. She can afford to pay $385 per month for loan payments. What should the length of her loan be to stay within her budget?
(round to the nearest tenth of a year)
1 point
1
Question 18
18.
Hope wants to borrow $18,000 to purchase a car. After looking at her monthly budget, she realizes that all she can afford to pay per month is $495. The bank is offering an APR of 4.67%. What would the length of the loan need to be to stay within her budget, round to the nearest tenth of a year?
Arthur bought new appliance for his kitchen that cost $3,850. He needed a 15% down payment and would need to pay $210 for 20 months.
1 point
1
Question 19
19.
How much was his down payment?
1 point
1
Question 20
20.
How much were his monthly payments in total?
1 point
1
Question 21
21.
What was his finance charge?
1 point
1
Question 22
22.
Andrew bought a used truck on an installment plan for $6,000. He didn't have to pay a down payment. He made $296 payments for 2 years. How much interest did he pay?