3.1 Consumer Credit Practice

Shawn wants to buy a bicycle, which costs $740. If he can save $45 a month, how long will it take for him to save up for the bicycle?

• 12 months

• 16 months

• 17 months

• 24 months

Tags

CCSS.6.EE.B.7

Wilma has to pay a finance charge. Her average daily balance was $1,415 and the monthly periodic rate is 2.07%. What is the finance charge?

• $29.29

• $2.44

• $292.91

• $24.41

Tags

CCSS.7.RP.A.3

Jordan has a credit card balance of $487. Her available credit on the card is $4,513. What is her credit line on this card?

• $4,513

• $4,026

• $10,000

• $5,000

Tags

CCSS.7.EE.B.3

In the past billing period, Nancy made payments totaling $450, purchases totaling $1,178.35, and a finance charge of $14.52. If her previous balance was $783.17, what is her new balance?

• $69.34

• $40.57

• $1,526.04

• $1,497.00

Tags

CCSS.7.NS.A.3

What is Credit Rating?

• A count of the amount of credit cards you have

• Your credit "report card"

Define Assets

• Everything you own. Car, house, etc..

• The people in your life

Define Credit.

• When you pay for something you purchase that day

• When you purchase something and don't pay for it right away

Define Down Payment

• Your last monthly payment

• The part of selling price paid at the time of purchase

Tags

CCSS.5.NBT.A.2

 Mr. Dansereau bought a drum set for $1,455.00. He bought it on an installment plan. The plan requires a 15% down payment and 18 monthly payments of $80.78 each. How much is his down payment??

• $145.00
• $200.00
• $218.25
• None of these answers

Tags

CCSS.7.RP.A.3

Mr. Dansereau bought a drum set for $1,455.00. He bought it on an installment plan. The plan requires a 15% down payment and 18 monthly payments of $80.78 each. What is the total amount of monthly payments?

• $1,454.04
• $1,400.04
• $1,345.04
• None of the above

Tags

CCSS.7.RP.A.3