U2 P7 & P8 Credit Cards

Isabella wants to purchase a new refrigerator. When she applies for an installment loan at the appliance store, her loan application is turned down. What consumer law says that a lender must give her the reason, in writing, that she was denied the loan? (a)  

• Truth-in-Lending Act
• Equal Opportunity Act
• Fair Credit Reporting Act
• Fair Debt Collection Practices Act

Jackson and Kate Jones do not pay their credit card in full each month, so they incur finance charges. On their last credit card statement, the average daily balance is $875 and the monthly periodic rate is 2.25%. What should be the finance charge on the statement? (a)  

• $19.69
• $20.25
• $87.50
• $196.88

Tags

CCSS.7.RP.A.3

Nik's credit card was stolen, and the thief charged a $48 meal before he reported it stolen. How much of this is Nik's responsible for paying? (a)  

• $48
• $50
• $0

Tags

CCSS.7.NS.A.1B

Lauren was on vacation when her wallet was stolen. By the time she reported her 4 credit cards missing, the criminal had charged over $2,000 on each card. What is the most that Lauren will have to pay? (a)  

• $200
• $50
• $2,000
• $8,000

Tags

CCSS.7.EE.B.3

Kate and Albert do not pay their credit card in full each month, so they incur finance charges. On their last credit card statement, the average daily balance is $896 and the monthly periodic rate is 2.75%. What should the finance charge be on the statement? (a)  

• $2,464
• $24.64
• $29,568
• $29.68

Tags

CCSS.7.RP.A.3

Shay pays a finance charge on his average daily balance of $775.45. His APR is 22%. What is his finance charge for this billing cycle? (a)  

• $14.21
• $17,059.90
• $17.60
• $1,419.07

Tags

CCSS.7.RP.A.3

Taylor pays a finance charge on her average daily balance of $2,000. Her APR is 27%. What is her finance charge for this billing cycle? (a)  

• $54,000
• $54.00
• $4,500
• $45.00

Tags

CCSS.7.RP.A.3

Tags

CCSS.7.NS.A.1D

Mathematical Equivalence

ON

Tags

CCSS.7.NS.A.3

Tags

CCSS.6.NS.B.3