FINE PRINT: Schumer Box

FINE PRINT: Schumer Box

10 Qs

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FINE PRINT: Schumer Box

FINE PRINT: Schumer Box

Assessment

Quiz

others

Practice Problem

Hard

Created by

Amanda Moore

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10 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

1. What is the APR (annual interest rate) on this card for purchases made during the first six months that a cardholder has this card?

0%
15.24%
23.24%
25.24%

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

2. Jordan gets confused and uses his credit card to get $40 in cash from an ATM instead of using his debit card! Based on this agreement, what is the impact of this decision?

There is no impact since credit card and debit card terms tend to be the same.
A $10 cash advance fee will be charged ONLY.
An A.P.R. of 25.24% will be applied on the $40 until it is paid back ONLY.
A $10 cash advance fee will be charged AND an A.P.R. of 25.24% will be applied on the $40 until it is paid back.

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

3. Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past year. The APR on her credit card for the past year was 19.99%. Approximately how much interest would Louisa have paid over the course of the year?

She would have paid interest charges of $2,000.
She would have paid interest charges of $20.
The credit card company would have paid Louisa $20
She would have paid interest charges of $200.

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

4. After the introductory period, all consumers who have this Platinum Card will...

Pay the same APR
Qualify for an APR based on their creditworthiness
Pay the Penalty APR of 30.24%
Be charged an Annual Fee

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

5. As you will see from this agreement, there are different APRs applied based on how the credit card is used. Which transaction type has the highest APR?

APR triggered by a late payment
APR applied on Purchases made during the Introductory Period
APR applied to a Balance Transfer
APR applied to a Cash Advance

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

6. Devon forgets to pay his credit card bill for three months. Which of the following statements is TRUE?

A Late Payment fee will not be charged to his account.
A Balance Transfer fee will be charged to his account.
His APR (annual interest rate) will rise to 30.24% until he pays back the amount he owes.
His APR will rise to 30.24% and stay there until he makes six consecutive minimum payments .

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

7. Tamara goes on a spring break trip with her school to visit historical sites in Italy. She purchases $200 of souvenirs while on the trip. She gets back to the U.S. and opens her credit card statement. What will be the balance in her account, assuming she had a zero balance prior to making these purchases and didn't make any other purchases?

$0.00
$200.00
$206.00
$6.00

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