Credit Card Quiz 3

1. What does APR stand for? 

• Annual purchase rate
• Annual percentage rate
• Approximate payment rotation
• Authorization processing rate

2. Which fees do all credit cards have?

• Annual fees
• Over-the-limit fees
• Foreign transaction fees.
• Some credit cards have no fees at all.

When do you have to pay a cash advance fee?

• When you move a balance from one card to another
• When you do not make your payments on time
• When you spend more than your limit on a card
• When you withdraw money from an ATM

If a card has a $2,400 balance and a minimum payment of 4%, what would you need to pay to keep your card in good standing? Assume that there are no other fees involved.

• $40
• $24
• $96
• $240

What would be the approximate one-month interest be for a $5,000 credit card balance with a 12% APR?$120$600$500$50

• $120
• $600
• $500
• $50