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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
6.71%
B
2.042%
C
0.0671%
D
.02042%
2) Calculate the annual percentage rate if the daily finance charge is .0317%.
A
0.03804%
B
1.157%
C
11.5%
D
0.3804%
3) Calculate the daily finance charge if the annual percentage rate is 17.99%.
A
4.93%
B
1.499%
C
.01499%
D
0.0493%
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
$3.75
B
$5.87
C
$4.13
D
$7.88
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
$4.13
B
$7.88
C
$5.87
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
$17.40
B
$0.33
C
$7.73
D
$9.67
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
$20.30
C
$10.00
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
$20.30
B
$17.40
C
$9.67
D
$10.00
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
$7.88
B
$5.87
C
$4.13
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
$850
B
$745
C
$415
D
$640
*select an answer for all questions
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