Average Daily Balance

Average Daily Balance

9th - 12th Grade

7 Qs

quiz-placeholder

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Average Daily Balance

Average Daily Balance

Assessment

Quiz

Mathematics

9th - 12th Grade

Hard

Created by

Mbulwa Musyoki

Used 15+ times

FREE Resource

7 questions

Show all answers

1.

FILL IN THE BLANK QUESTION

10 mins • 5 pts

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?

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

Media Image

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?