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CC #2
Test Description: FUHRMS - Financial Literacy
Instructions: Answer all questions to get your test result.
1) Calculate the daily finance charge if the annual percentage rate is 24.5%.
A
2.042%
B
6.71%
C
.02042%
D
0.0671%
2) Calculate the annual percentage rate if the daily finance charge is .0317%.
A
1.157%
B
0.3804%
C
11.5%
D
0.03804%
3) Calculate the daily finance charge if the annual percentage rate is 17.99%.
A
1.499%
B
0.0493%
C
4.93%
D
.01499%
4) Calculate the prinicpal payment based on the following information: Outstanding balance = $225.00, Annual percentage rate = 22%, Minimum payment = 3.5% of the outstanding balance or $10, whichever is greater
A
$7.88
B
$3.75
C
$4.13
D
$5.87
5) Calculate the interest payment based on the following information: Outstanding balance = $225.00, Annual percentage rate = 22%, Minimum payment = 3.5% of the outstanding balance or $10, whichever is greater
A
$7.88
B
$5.87
C
$4.13
D
$10.00
6) Calculate the principal payment based on the following information: Outstanding balance = $580.00, Annual percentage rate = 20%, Minimum payment = 3% of the outstanding balance or $10, whichever is greater
A
$0.33
B
$9.67
C
$17.40
D
$7.73
7) Calculate the interest payment based on the following information: Outstanding balance = $580.00, Annual percentage rate = 20%, Minimum payment = 3% of the outstanding balance or $10, whichever is greater
A
$17.40
B
$10.00
C
$20.30
D
$9.67
8) Calculate the minimum monthly payment based on the following information: Outstanding balance = $580.00, Annual percentage rate = 20%, Minimum payment = 3% of the outstanding balance or $10, whichever is greater
A
$10.00
B
$9.67
C
$20.30
D
$17.40
9) Calculate the minimum monthly payment based on the following information: Outstanding balance = $225.00, Annual percentage rate = 22%, Minimum payment = 3.5% of the outstanding balance or $10, whichever is greater
A
$4.13
B
$7.88
C
$5.87
D
$10.00
10) On your last credit card statement you had an outstanding balance of $520 on your account. During the current billing cycle you made additional purchases totaling $225 and you made a payment of $105 toward the outstanding balance. What is the curren
A
$415
B
$640
C
$745
D
$850
*select an answer for all questions
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