# 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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