Chapter 4- Credit card Review

Front

Ying borrowed $350 for 60 days from his credit card company using a cash advance. The company charged a daily finance charge of 0.052%. What was Ying’s finance charge for the loan?

Back

$10.92

Front

What is the average daily balance for the given credit card chart?

Back

$48.32

Front

In March, Miguel’s credit card statement had a beginning balance of $593.45. He made a payment of $300 on the 26th of the month. If the credit card company uses an average daily balance method excluding new purchases with a monthly periodic rate of 2.5%, what are the finance charges?

Back

$13.38

Front

Marta’s credit card statement lists a previous balance of $759.86, new purchases and fees of $420.78, and payments and credits of $450. What is Marta’s finance charge if her card company charges an APR of 14% on the adjusted balance?

Back

$3.62

Front

Marta’s credit card statement lists a previous balance of $759.86, new purchases and fees of $420.78, and payments and credits of $450. What is Marta’s finance charge if her card company charges an APR of 14% on the previous balance?

Back

$8.87

Front

You borrowed $350 for 80 days from your credit card company using cash advance. The company charged a daily finance charge of 0.052%. What was your finance charge for the loan?

Back

$14.56

Front

How do you find the finance charge for a $13,000 cash advance for 55 days on a credit card company with a daily finance charge of 0.07%?

Back

$13000(0.0007)(55)

Front

Wendy borrowed $400 for 10 days on her credit card using a cash advance. Her card company charged a fee of 5% of the cash advance and a daily periodic interest rate of 0.0625%. What was the total finance charge on the cash advance?

Back

$22.50

Front

Brody used her credit card in an ATM to get $250 as a cash advance. His card company charged a cash advance fee of $7 and a daily periodic interest rate of 0.0475%. If Brody paid the cash advance and finance charges back at the end of 24 days, what was the total finance charge on the cash advance?

Back

$9.85

Front

A credit card company issues a statement listing the following: previous balance, $461.88; purchases, $296.89; fees, $65; payments, $400; credits, $25. The credit card company uses an APR of 12% and the adjusted balance method of computing finance charges. What is the finance charge for the month?

Back

$0.37