Unit 6 Practice Exam

The percentage used to calculate the finance charge is called the...

• minimum payment

• periodic rate

• new balance

• unpaid balance

What is the unpaid balance?

• $114.65

• 134.65

• $51.98

• $100.00

On Amanda's credit card statement, her last balance was $250.34. She made a payment of $35.

How much is Amanda's finance charge if the periodic rate is 1.15%?

• $3.23

• $32.30

• $0.50

• $1,000

Jamie's new balance on her credit card statement was $476.23.

How much is her minimum payment if it must be 25 percent of the balance?

• $476.23

• $952.71

• $1,190.58

• $119.06

What's Elijah's new balance?

• $411.00

• $410.98

• 32.59

• $322.59

Frank borrowed $1,500 for ten months with monthly payments of $200.

What is the amount of total payments?

• $1,500

• $2,000

• $15,000

• $1,700

Tim borrowed $2,345 for fifteen months, with payments of $225.50 monthly.

What will he pay in interest? 

• $1,037.50

• $3,382.50

• $156.33

• $15.03

Cathy borrowed $700 at 11% for 3 months for her textbooks. Use the table to determine how much interest she will pay.

• $19.25

• $20.00

• $231.00

• $2,100

Use the table to find the monthly payments.

Suzanna borrowed $8,500 at 11.5 percent for fifteen years. What is her monthly payment?

• $14,662.50

• $135.05

• $9,928

• $99.28

Dan bought a plasma TV for $3,460 on the installment plan. He paid a down payment of $250 and agreed to pay $220 a month for the next 20 months. How much will he pay in all for the TV?

• $173

• $4,400

• $4,650

• $3,460