.Q DR Act: 4.1 Credit Card Interest and Payments

What is the annual percentage rate (APR) of Zach's credit card?

• 10%

• 15%

• 19%

• 25%

What is the minimum payment Zach has to make on his credit card?

• $5 or 1% of the balance

• $10 or 2.5% of the balance

• $15 or 3% of the balance

• $20 or 5% of the balance

How much did Zach spend on Christmas gifts for his family?

• $45

• $55

• $225

• $585

What is the total debt Zach accumulated on his credit card for emergencies?

• $585

• $910

• $1,000

• $1,200

How many months will it take Zach to pay off his credit card debt if he only makes minimum payments?

• 100 months

• 120 months

• 154 months

• 200 months

What is the minimum payment for month 1?

• $14.41

• $22.75

• $8.34

• $901.66

How much is the new balance for month 10?

• $877.09

• $861.08

• $829.94

• $885.20

What is the interest paid for month 25?

• $11.55

• $6.79

• $5.57

• $6.66

What is the principal paid for month 50?

• $5.31

• $5.57

• $5.49

• $5.34

What is the new balance for month 100?

• $348.66

• $357.41

• $337.01

• $353.07