3.4-3.6 Review

3

Credit is an arrangement to receive cash, goods, or services now and pay for them in the future.

3

What is your credit card limit?

4

A debit card is different from a credit card because..

2

What is the monthly Periodic rate with an APR of 29.89%. Round to the neare hundreth (two decimal places).

5

What is the new balance?

4

If the credit limit for this summary was $5,500, what is the amount of available credit?

3

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

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

Erick's Monthly Periodic rate is 1.91%. What is his APR?

2

What is the loan amount?

2

What is the total interest paid?

2

How much is the monthly payment? (Notice the table is YEARLY)

3

How many purchases were made during the month of September so far?

2

What is the amount of all the purchase transactions?

2

How many days are in the billing cycle?

3

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

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

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

How much was his down payment?

1

How much were his monthly payments in total?

1

What was his finance charge?

1

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?

3.4-3.6 Review

Credit is an arrangement to receive cash, goods, or services now and pay for them in the future.

What is your credit card limit?

A debit card is different from a credit card because..

What is the monthly Periodic rate with an APR of 29.89%. Round to the neare hundreth (two decimal places).

What is the new balance?

If the credit limit for this summary was $5,500, what is the amount of available credit?

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?

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?

Erick's Monthly Periodic rate is 1.91%. What is his APR?

What is the loan amount?

What is the total interest paid?

How much is the monthly payment? (Notice the table is YEARLY)

How many purchases were made during the month of September so far?

What is the amount of all the purchase transactions?

How many days are in the billing cycle?

What is the average daily balance of Jesus' credit card?3 days @ $211.226 days @ $542.419 days @ $145.184 days @ $568.948 days @ $1,027.65

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)

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?

How much was his down payment?

How much were his monthly payments in total?

What was his finance charge?

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?

Credit is an arrangement to receive cash, goods, or services now and pay for them in the future.

What is your credit card limit?

A debit card is different from a credit card because..

What is the monthly Periodic rate with an APR of 29.89%. Round to the neare hundreth (two decimal places).

What is the new balance?

If the credit limit for this summary was $5,500, what is the amount of available credit?

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?

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?

Erick's Monthly Periodic rate is 1.91%. What is his APR?

What is the loan amount?

What is the total interest paid?

How much is the monthly payment? (Notice the table is YEARLY)

How many purchases were made during the month of September so far?

What is the amount of all the purchase transactions?

How many days are in the billing cycle?

What is the average daily balance of Jesus' credit card?3 days @ $211.226 days @ $542.419 days @ $145.184 days @ $568.948 days @ $1,027.65

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)

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?

How much was his down payment?

How much were his monthly payments in total?

What was his finance charge?

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?

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

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)

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

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)