Chapter 3 online review 2025

1

Which of the following could have a NEGATIVE impact on your credit score?

1

Which response best completes the sentence "It's best to begin establishing credit when you're young because ________" ?

1

As a young adult, all of the following are good strategies for building credit, EXCEPT:

1

What is the new balance?

1

What is the new balance?

1

If his credit limit was $11,300, what is his available credit?

1

Alyssa has a credit card balance of $850. Her available credit on this card is $1,050. What is the credit line on this card?

1

Lluvia went on vacation when her wallet was stolen. She noticed right away from an alert on her app on her phone. She notified Bank of America right away. How much is Lluvia responsible for?

1

Erick's Monthly Periodic rate is 1.91%. What is his APR? Round to the nearest hundredth.

1

What is the average daily balance of Jamie's credit card?
4 days @ $250.78
6 days @ $437.89
8 days @ $322.85
3 days @ $522.85
10 days @ $775.65

1

Jacob has a credit card with a line of credit at $1,000. He made the following purchases:
$9.90, $173.21, $10.14, and $24.10. What is Jacob's available credit?

1

Sierra wants to take out a $17,500 loan with a 5.9% APR. She can afford to pay $345 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

Pursuing one line of credit over a long period of time could...

1

A credit score in the 550's could be described as...

1

How much is the loan for?

1

What is the MONTHLY payment?

1

What is the total interest? (Add the entire column)

1

How many transactions were made?

1

What is the finance charge? Use .01833!!!

1

What is new balance?

Arthur bought a a new kitchen appliance for $5,250. He needed a 10% down payment and would need to pay $285 for 18 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 $8,000. He didn't have to pay a down payment. He made $256 payments for 3 years. How much interest did he pay?

1

Which of the following is NOT a lending institution?

1

Using the table above, what is the total amount of the monthly payments for a $14,000, 3-year loan with an APR of 5%?

1

Using the table above, what is the TOTAL amount of the monthly payments for a $19,500, 4-year loan with an APR of 7%?

1

Rodrigo is attending a four year college. As a freshman, he was approved for a 10-year unsubsidized federal loan in the amount of $11,400 at 5.50%. He knows he has the option of beginning repayment of the loan in 4.5 years. He also knows that during his non-payment period, interest will accrue at 5.50%. How much interest will Rodrigo accrue during the 4.5 year non-payment period?

1

Edna needs $320 for the next three weeks. Wendell Loans are going to charge her $50 interest. What is her APR for this payday loan? Make sure to round to the nearest percent.

1

James needs to borrow $5,000 to put toward a used car. Which of the following would most likely offer him the lowest interest rate on a loan?

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..

1

Your friend confides in you that he has a low credit score. What is the single best way for him to improve his score?

1

Each of the following financial products will help you build a credit history EXCEPT...

1

Based on her current balance, how much credit does this cardholder have available to use?

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?

1

How many purchase transactions were made?

1

Use the Credit Calendar to determine his average daily balance.

1

What is the finance charge?

1

What is new balance?

1

Mr. Lyon wants to purchase a new truck that costs $27,800. He signs an installment agreement requiring a 12% down payment. He currently has $3,000 saved. Does he have enough for the down payment?

Chapter 3 online review 2025

Which of the following could have a NEGATIVE impact on your credit score?

Which response best completes the sentence "It's best to begin establishing credit when you're young because ________" ?

As a young adult, all of the following are good strategies for building credit, EXCEPT:

What is the new balance?

What is the new balance?

If his credit limit was $11,300, what is his available credit?

Alyssa has a credit card balance of $850. Her available credit on this card is $1,050. What is the credit line on this card?

Lluvia went on vacation when her wallet was stolen. She noticed right away from an alert on her app on her phone. She notified Bank of America right away. How much is Lluvia responsible for?

Erick's Monthly Periodic rate is 1.91%. What is his APR? Round to the nearest hundredth.

What is the average daily balance of Jamie's credit card?4 days @ $250.786 days @ $437.898 days @ $322.853 days @ $522.8510 days @ $775.65

Jacob has a credit card with a line of credit at $1,000. He made the following purchases:$9.90, $173.21, $10.14, and $24.10. What is Jacob's available credit?

Sierra wants to take out a $17,500 loan with a 5.9% APR. She can afford to pay $345 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)

Pursuing one line of credit over a long period of time could...

A credit score in the 550's could be described as...

How much is the loan for?

What is the MONTHLY payment?

What is the total interest? (Add the entire column)

How many transactions were made?

What is the finance charge? Use .01833!!!

What is new balance?

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 $8,000. He didn't have to pay a down payment. He made $256 payments for 3 years. How much interest did he pay?

Which of the following is NOT a lending institution?

Using the table above, what is the total amount of the monthly payments for a $14,000, 3-year loan with an APR of 5%?

Using the table above, what is the TOTAL amount of the monthly payments for a $19,500, 4-year loan with an APR of 7%?

Edna needs $320 for the next three weeks. Wendell Loans are going to charge her $50 interest. What is her APR for this payday loan? Make sure to round to the nearest percent.

James needs to borrow $5,000 to put toward a used car. Which of the following would most likely offer him the lowest interest rate on a loan?

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..

Your friend confides in you that he has a low credit score. What is the single best way for him to improve his score?

Each of the following financial products will help you build a credit history EXCEPT...

Based on her current balance, how much credit does this cardholder have available to use?

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?

How many purchase transactions were made?

Use the Credit Calendar to determine his average daily balance.

What is the finance charge?

What is new balance?

Mr. Lyon wants to purchase a new truck that costs $27,800. He signs an installment agreement requiring a 12% down payment. He currently has $3,000 saved. Does he have enough for the down payment?

Which of the following could have a NEGATIVE impact on your credit score?

Which response best completes the sentence "It's best to begin establishing credit when you're young because ________" ?

As a young adult, all of the following are good strategies for building credit, EXCEPT:

What is the new balance?

What is the new balance?

If his credit limit was $11,300, what is his available credit?

Alyssa has a credit card balance of $850. Her available credit on this card is $1,050. What is the credit line on this card?

Lluvia went on vacation when her wallet was stolen. She noticed right away from an alert on her app on her phone. She notified Bank of America right away. How much is Lluvia responsible for?

Erick's Monthly Periodic rate is 1.91%. What is his APR? Round to the nearest hundredth.

What is the average daily balance of Jamie's credit card?4 days @ $250.786 days @ $437.898 days @ $322.853 days @ $522.8510 days @ $775.65

Jacob has a credit card with a line of credit at $1,000. He made the following purchases:$9.90, $173.21, $10.14, and $24.10. What is Jacob's available credit?

Sierra wants to take out a $17,500 loan with a 5.9% APR. She can afford to pay $345 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)

Pursuing one line of credit over a long period of time could...

A credit score in the 550's could be described as...

How much is the loan for?

What is the MONTHLY payment?

What is the total interest? (Add the entire column)

How many transactions were made?

What is the finance charge? Use .01833!!!

What is new balance?

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 $8,000. He didn't have to pay a down payment. He made $256 payments for 3 years. How much interest did he pay?

Which of the following is NOT a lending institution?

Using the table above, what is the total amount of the monthly payments for a $14,000, 3-year loan with an APR of 5%?

Using the table above, what is the TOTAL amount of the monthly payments for a $19,500, 4-year loan with an APR of 7%?

Edna needs $320 for the next three weeks. Wendell Loans are going to charge her $50 interest. What is her APR for this payday loan? Make sure to round to the nearest percent.

James needs to borrow $5,000 to put toward a used car. Which of the following would most likely offer him the lowest interest rate on a loan?

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..

Your friend confides in you that he has a low credit score. What is the single best way for him to improve his score?

Each of the following financial products will help you build a credit history EXCEPT...

Based on her current balance, how much credit does this cardholder have available to use?

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?

What is the average daily balance of Jamie's credit card?
4 days @ $250.78
6 days @ $437.89
8 days @ $322.85
3 days @ $522.85
10 days @ $775.65

Jacob has a credit card with a line of credit at $1,000. He made the following purchases:
$9.90, $173.21, $10.14, and $24.10. What is Jacob's available credit?

Sierra wants to take out a $17,500 loan with a 5.9% APR. She can afford to pay $345 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 Jamie's credit card?
4 days @ $250.78
6 days @ $437.89
8 days @ $322.85
3 days @ $522.85
10 days @ $775.65

Jacob has a credit card with a line of credit at $1,000. He made the following purchases:
$9.90, $173.21, $10.14, and $24.10. What is Jacob's available credit?

Sierra wants to take out a $17,500 loan with a 5.9% APR. She can afford to pay $345 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)