Test: Loans & Credit Cards

Maria Lopez received her credit card account statement. She had a previous balance of $1,500.50 and a finance charge of $12.35. She made purchases of $215.00, $58.75, and $32.60. Her account was credited $25.00. She made a payment of $900.00. What is her new balance?

• $1,450.15
• $1,050.25
• $1,200.85
• $894.20

Samantha Lee received her credit card statement with a previous balance of $1,875.00. The monthly finance charge rate is 1.5% of the unpaid balance. During the month, Samantha made purchases totaling $315.80. Additionally, Samantha made a payment of $700.00. What is her new balance using the unpaid balance method?

• $1,200.00
• $2,000.00
• $1,508.43

• $1,750.50

Olivia's finance charge rate is 2% per month.

Determine the following:​

Average daily Balance =​ (a)   ​

Finance Charge = ​ ​ (b)   ​

New Balance = ​ ​ (c)  

• $500.00
• $2,000.00
• $1,000.00
• $1,605.00
• $32.10
• $35.00
• $1,182.10

John Davis took out a single-payment loan of $4,200 for 120 days at an interest rate of 6.2% exact interest. What is the maturity value of the loan?

• $4,2360.18

• $4,500.87

• $4,350.00
• $4,285.67

John Davis took out a single-payment loan of $4,200 for 120 days at an interest rate of 6.2% exact interest. What is the interest?

• $42.65

• $85.67

• $84.00
• $62.00

Maria Gonzalez is purchasing a new laptop for $1,500. She made a down payment of 20% and financed the remainder. How much is the down payment?

• $300
• $500
• $400
• $250

Maria Gonzalez is purchasing a new laptop for $1,500. She made a down payment of 20% and financed the remainder. How much did she finance?

• $1,200.50
• $1,000
• $1,800
• $1,200

Ethan Walker obtained a $12,000 loan at an interest rate of 6% for 48 months. His monthly payment is $275.50. After 24 payments, the remaining balance is $6,000.

What is the interest on the 25th payment?

• $30
• $60
• $15
• $45

Ethan Walker obtained a $12,000 loan at an interest rate of 6% for 48 months. His monthly payment is $275.50. After 24 payments, the remaining balance is $6,000.

What would be the payment if she paid off the loan with the 25th payment?

• $5,000
• $6,030

• $7,500
• $8,000

Ethan Walker obtained a $12,000 loan at an interest rate of 6% for 48 months. His monthly payment is $275.50. After 24 payments, the remaining balance is $6,000.

How much is the interest saved if he pays off the loan in 25th payment?

• $800.00

• $536.50

• $582.00

• $626.52