Credit Cards/Finance Charge

What word is used to describe interest you pay?

• Finance Charge

• Finances

• Owe

• Balance Charge

When a customer pays for part of the selling price at the time of purchase we call that _________.

• Borrowing Money

• Down Payment

• Initial Start

• Partial Payment

Select the correct linear equation for the following information:

Down payment = $50

Monthly Payment = $20 every 1 month

• y = 50x + 20

• y = 20x + 50

• y = 70x

• y = 30x

Select the correct linear equation for the following information:

Monthly Payment = $57.25 every 1 month

Down payment = $100

• y = 58x + 100

• y = 57x + 100

• y = 57.25x + 100

• y = 100x + 57.25

Calculate the sum of the monthly payments:

Monthly payment = $20 every month

Time = 24 months

• $480

• $48

• $240

• $400

Calculate the sum of the monthly payments:

Monthly payment = $43 every month

Time = 12 months

• $500

• $483

• $430

• $516

Calculate 15% of $450.

• $67.00

• $30

• $67.50

• $6,750

Calculate 20% of $100.

• $20

• $50

• $5

• 5%

Calculate 15% of $90.

• $13.50

• 13.5

• $1,350

• $75

Select the correct linear equation for the following information:

Monthly Payment = $90 every 1 month

Down payment = $350

• y = 90x + 100

• y = 350x + 90

• y = 90x + 350

• y = 450x + 260