Credit card Finance charge and Balance

Quiz
•
Business
•
12th Grade
•
Hard
Moniereh Anvari
Used 128+ times
FREE Resource
11 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ying borrowed $350 for 60 days from his credit card company using a cash advance. The company charged a daily finance charge of 0.052%. What was Ying’s finance charge for the loan?
$10.92
$350
$11.25
$24.78
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Marta ’s credit card statement lists a previous balance of $759.86, new purchases and fees of
$420.78, and payments and credits of $450. Marta’s card company charges an APR of 14% on the adjusted balance. What is Marta’s finance charge?
$10.92
$3.62
$8.87
$22.71
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Marta ’s credit card statement lists a previous balance of $759.86, new purchases and fees of
$420.78, and payments and credits of $450. Marta’s card company charges an APR of 14% on the previous balance. What is Marta’s finance charge?
$10.92
$3.62
$8.87
$22.71
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You borrowed $350 for 80 days from your credit card company using cash advance. The company charged a daily finance charge of 0.052%. What was your finance charge for the loan?
$10.92
$14.56
$11.25
$24.78
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do you find the finance charge for a $13,000 cash advance for 55 days on a credit card company with a daily finance charge of 0.07%?
$13000(0.07)(55)
$13000(0.007)(55)
$13000(0.0007)(55)
$13000(0.07)(55)/12
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Last month, Fred was charged for his annual membership fee of $25, a late fee of $28, and a $300 cash advance that he borrowed for 30 days with daily finance charge of 0.055% . What was the total amount that the credit card company charged Fred?
$457.98
$357.95
$216.33
$513.20
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A credit card company issues a statement listing the following: previous balance, $461.88; purchases,
$296.89; fees, $65; payments, $400; credits, $25. The credit card company uses an APR of 12% and the adjusted balance method of computing finance charges. What is the finance charge for the month?
$0.37
$399.14
$36.88
$410.12
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