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WorksheetsUnit 4: Lesson 3 Homework
Total questions: 17
Worksheet time: 46mins
The act of transferring debt from one credit card account to another.
Annual Transfers
Balance Transfers
Penalty APR
Variable-Rate APR
If someone had a balance on their credit card of $327, and an APR of 24%, how much would they pay for the finance charge? Assume a 30 day billing cycle, using the daily rate.
$10.55
$2.75
$196.20
$6.45
If I have an 24% APR, what is my DAILY INTEREST RATE?
0.0007
1.1585
0.1800
0.02
Credit Card Balance: $1,250.00
APR: 22%
Days in Billing Cycle: 31
What would be the finance charge for the month? (Daily rate)
$28.91
$23.36
$20.57
$22.92
Interest Rate - 2.7%
How much did you pay in interest?
The maximum dollar amount that can be borrowed.
Balance Limit
Credit Limit
Over-the-limit Fee
Maximum Fee
Using the formula above, calculate the daily periodic rate if the APR is 28.99%
2.41583
0.079425
0.0241583
0.2899
Using the formula above, calculate the monthly periodic rate if the APR is 12.89%
0.000353
0.0353
0.1289
0.0107
If your balance before interest is $23,483.92 and your minimum payment is $952.41, what percentage of your balance is your minimum payment?
$22,531.51
4.056%
0.04056%
24.65%
Given a daily periodic rate of 0.05031%, calculate the daily interest charge if the average daily balance is $2,453.85
$123.45
$1.23
$14.81
$450.60
If your credit card balance is $850 and your APR is 19%, what is the finance charge for a 30-day billing cycle using the daily rate?
$4.44
$8.90
$13.27
$19.00
Which of the following best describes a credit limit?
The minimum payment required each month.
The highest balance you can carry on your credit card.
The total interest paid over a year.
The amount of cash you can withdraw from an ATM.
If your APR is 15% and you want to find your daily periodic rate, which formula should you use?
APR multiplied by 12
APR divided by 365
APR divided by 12
APR multiplied by 365
