# CC #2: Question Preview (ID: 27852)

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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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