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?
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 Bank of America right away. How much is Lluvia responsible for?
Question 9
9.
Erick's Monthly Periodic rate is 1.91%. What is his APR? Round to the nearest hundredth.
Question 10
10.
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
Question 11
11.
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?
Question 12
12.
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)
Question 13
13.
Question 14
14.
1
Question 15
15.
How much is the loan for?
1
1
1
Question 18
18.
How many transactions were made?
1
1
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
1
1
Question 24
24.
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?
Question 25
25.
Question 26
26.
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%?
Question 27
27.
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%?
Question 28
28.
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?
Question 29
29.
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.
Question 30
30.
Question 31
31.
Question 32
32.
Question 33
33.
Question 34
34.
Question 35
35.
Question 36
36.
Question 37
37.
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?
Question 38
38.
1
Question 39
39.
How many purchase transactions were made?
1
1
1
Question 43
43.
Which of the following could have a NEGATIVE impact on your credit score?
Paying your bills on-time
Paying down balances on your credit card accounts
Decreasing your utilization of credit
Applying for multiple credit cards in a short period of time (e.g., a week)
Which response best completes the sentence "It's best to begin establishing credit when you're young because ________" ?
Interest rates will only continue to go up as you get older
You need a credit history and report to qualify for Federal student loans
Credit scores are free for anyone under the age of 25
You will likely need a credit history to rent your first apartment, finance your first car, or open an unsecured credit card
As a young adult, all of the following are good strategies for building credit, EXCEPT:
Open a credit card, with your parent or guardian as a cosigner
Open a checking account, and start using a debit card
Become an authorized user on a credit card used by your parent or guardian
Open and use a secured credit card
Question 5
5.
What is the new balance?
Question 6
6.
If his credit limit was $11,300, what is his available credit?
Pursuing one line of credit over a long period of time could...
increase your credit score
decrease your credit score
do nothing to your credit score
A credit score in the 550's could be described as...
excellent
good
fair
poor
Question 16
16.
What is the MONTHLY payment?
Question 17
17.
What is the total interest? (Add the entire column)
Question 19
19.
What is the finance charge? Use .01833!!!
Question 20
20.
What is new balance?
Question 21
21.
How much was his down payment?
Question 22
22.
How much were his monthly payments in total?
Question 23
23.
What was his finance charge?
Which of the following is NOT a lending institution?
credit union
payday loan
cosigner
pawnshop
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?
An installment loan from a bank or credit union
Putting the $5000 on a credit card
Using his car as collateral at a title pawn lender
Taking out an extended loan from a pay day lender
Credit is an arrangement to receive cash, goods, or services now and pay for
them in the future.
True
False
What is your credit card limit?
Your ticket to the good life?
The amount a credit card company is willing to lend you.
The highest dollar amount you can be charged without being slapped with a fee.
All of the above.
A debit card is different from a credit card because..
money is immediately deducted from the balance of your bank account when using a debit card, while you have time to pay your credit card amount in monthly payment.
a debit card uses the bank's money
a debit card is another name for an entertainment or travel card.
Your friend confides in you that he has a low credit score. What is the single best way for him to improve his score?
Cancel his credit cards
Make on-time payments
Get a car loan
Check his credit score
Each of the following financial products will help you build a credit history EXCEPT...
Secured credit card
Debit card
Auto loan
Credit card
Based on her current balance, how much credit does this cardholder have available to use?
$0
About $500
About $1,600
Exactly $2,100
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?
$50
$0
$3,200
$1,600
Question 40
40.
Use the Credit Calendar to determine his average daily balance.
Question 41
41.
What is the finance charge?
Question 42
42.
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?
