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Calculating Finance Charge for Unpaid Balance

Authored by Karynn Faivre

Mathematics

12th Grade

CCSS covered

Used 7+ times

Calculating Finance Charge for Unpaid Balance
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11 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Select the equation that represents the finance charge for a credit card that compounds monthly and has an unpaid balance of $1200, and a 12% APR for 10 months. Assume there are no payments and purchases.

2.

OPEN ENDED QUESTION

3 mins • 1 pt

You have an unpaid balance of $500. Name at least two different reasons your balance would increase.

Evaluate responses using AI:

OFF

Tags

CCSS.7.NS.A.1A

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2 years

2 months

2 weeks

2 days

4.

FILL IN THE BLANKS QUESTION

1 min • 1 pt

Find the unpaid balance if the periodic rate is 1.75% and the finance (interest) charge equals $6.00.

Round answer to the whole cent.

(a)  

Tags

CCSS.7.RP.A.3

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If Terence has a balance of $439.50 on a credit card that charges a finance charge computed at 3.5%, what is the new balance? Round your answer to the nearest cent.

$455.35

$443.00

$454.88

$424.12

Tags

CCSS.7.RP.A.3

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

I opened a new credit card to purchase a pair of jeans for $75.00. I made a minimum payment of 2% of the balance. What is the unpaid balance? If finance charges are based on an APR of 18% and compounded monthly, what is the new balance?

unpaid balance =

$73

new balance = $74.10

unpaid balance =

$74.88

new balance =

$76.00

unpaid balance =

$74.50

new balance =

$84.53

unpaid balance = $73.50

new balance =

$74.60

Tags

CCSS.HSF.BF.A.2

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A card that authorizes purchases on credit is called a(n) ________________.

charge account

credit card

debit card

finance charge

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

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