Credit Card Interest and Responsibilities Quiz

If the APR on a credit card is 22.2%, what is the monthly interest rate? Round to the nearest hundredth.

• 1.85%

• 1.92%

• 2.02%

• 1.78%

• 12p

The average daily balance for Dave’s last credit card statement was $1,213.44, and he had to pay a finance charge. The APR is 20.4%. What is the finance charge for the month? Round to the nearest cent wherever necessary.

• $20.63

• $1,213.44

• $1,192.81

• $247.54

The average daily balance for Dave’s last credit card statement was $1,213.44, and he had to pay a finance charge. The APR is 20.4%. What is the monthly interest rate?

• 1.7%

• 17%

• 20.4%

• 4%

Mr. Reis had these daily balances on his credit card for his last billing period. He did not pay the card in full the previous month, so he has to pay a finance charge. The APR is 19.8%. - Six days @ $341.22 - Ten days @ $987.45 - Three days @ $2,122.33 - Eleven days @ $2,310.10 What is the average daily balance? Round to the nearest cent wherever necessary.

Mr. Reis had these daily balances on his credit card for his last billing period. He did not pay the card in full the previous month, so he will have to pay a finance charge. The APR is 19.8%. - Six days @ $341.22 - Ten days @ $987.45 - Three days @ $2,122.33 - Eleven days @ $2,310.10. What is the finance charge? Round to the nearest cent wherever necessary.

Mrs. Fagin’s daily balances for the past billing period are given below. - For five days she owed $233.49. - For three days she owed $651.11. - For nine days she owed $991.08. - For seven days she owed $770.00. - For seven days she owed $778.25. Find Mrs. Fagin’s average daily balance. Round to the nearest cent wherever necessary.

Brett and Andy applied for the same credit card from the same bank. The bank checked both of their FICO scores. Brett had an excellent credit rating, and Andy had a poor credit rating. Brett was given a card with an APR of 12.6%. What was his monthly percentage rate?

• 1.05%

• 1.06%

• 1.07%

• 1.08%

Andy was given a card with an APR of 16.2%. What was his monthly percentage rate?

• 1.35%

• 1.50%

• 1.25%

• 1.40%

Pat’s ending balance on his debit card last month was $233.55. This month he had $542 worth of purchases and $710 worth of deposits. What is his ending balance for this month?

• $401.55

• $233.55

• $710.00

• $542.00