Brian bought a $2,100 computer on an installment plan. He made a $400 down payment, and he has to make monthly payments of $79.50 for the next two years. How much interest will she pay?
Average Daily Balance

Quiz
•
Mathematics
•
9th - 12th Grade
•
Hard
Mbulwa Musyoki
Used 15+ times
FREE Resource
7 questions
Show all answers
1.
FILL IN THE BLANK QUESTION
10 mins • 5 pts
Answer explanation
To calculate interest:
a) Payment amount=(# of months)(monthly payments)
b) Total amount = payment amount + monthly payments.
c) Interest = total amount - principal
2.
FILL IN THE BLANK QUESTION
1 min • 5 pts
Anthony borrowed $26,000 for a car for 5 years at an APR of 5.25%. What will his monthly payment be?
3.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Assume a 31−day month to calculate your average daily balance for your credit card bill. Your daily balance for the first 10 days was $1,400, for the next 10 days was $1900, and for the last 10 days was $2700. What will your average daily balance be at the end of the month?
4.
FILL IN THE BLANK QUESTION
1 min • 5 pts
Assuming the APR on your credit card is 18% and your average daily balance this month was $10,000, what will your interest or finance charges for the month be? Use monthly periodic rate.
5.
FILL IN THE BLANK QUESTION
1 min • 5 pts
Brenda just received her June FlashCard bill. She did not pay her May bill in full, so his June bill shows a previous balance and a finance charge. The average daily balance is $470, and the monthly periodic rate is 1.5%. What should Brenda’s finance charge be?
6.
FILL IN THE BLANK QUESTION
1 min • 2 pts
If the sum of the daily balances of a credit card totals $3,865.50 over 30 days, what is the average daily balance?
7.
FILL IN THE BLANK QUESTION
1 min • 1 pt
If Luna paid $825.80 on a $3,169.78 credit card balance, what is the new balance?
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