Credit card Finance charge and Balance

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

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

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

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

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

    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

    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

    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 adjusted balance?

• $0.37

• $399.14

• $36.88

• $410.12

    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 new balance?

• $0.37

• $399.14

• $36.88

• $410.12

    How do you find Adjusted Balance?

• Previous Balance + (Payments + Credits)

• Previous Balance / (Payments + Credits)

• Previous Balance – (Payments + Credits)

• Adjusted Balance -Previous Balance