CC #2 Question Preview (ID: 27852)


FUHRMS - Financial Literacy. TEACHERS: click here for quick copy question ID numbers.

Calculate the daily finance charge if the annual percentage rate is 24.5%.
a) 0.0671%
b) 6.71%
c) .02042%
d) 2.042%

Calculate the annual percentage rate if the daily finance charge is .0317%.
a) 11.5%
b) 1.157%
c) 0.03804%
d) 0.3804%

Calculate the daily finance charge if the annual percentage rate is 17.99%.
a) 0.0493%
b) 4.93%
c) .01499%
d) 1.499%

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) $5.87
b) $3.75
c) $7.88
d) $4.13

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) $5.87
c) $7.88
d) $10.00

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) $9.67
b) $7.73
c) $17.40
d) $0.33

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) $9.67
b) $20.30
c) $17.40
d) $10.00

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) $9.67
b) $20.30
c) $17.40
d) $10.00

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) $5.87
b) $4.13
c) $7.88
d) $10.00

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

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