WorksheetsCredit Quiz
Total questions: 8
Worksheet time: 40mins
How can a cardholder avoid paying interest on a credit card?
Do not pay anything
Pay the minimum payment after its due date
Pay the balance in full every month
Pay the minimum balance every month
The least amount that must be paid on a credit card each month is
Late Fee
Credit Limit
Payment Amount
Minimum Payment
Gary has just used his credit card to buy a new watch. He got the watch on sale for $2500. He used a credit card that has an APR of 20%.
If Gary makes the minimum monthly payment each month of $50:
How long will it take for him to pay for his watch?
7 years, 3 months
9 years, 1 month
1 year, 3 months
NEVER
Gary has just used his credit card to buy a new watch. He got the watch on sale for $2500. He used a credit card that has an APR of 20%.
If Gary makes the minimum monthly payment each month of $50:
How much interest does Gary end up paying?
$2500
$250.98
$2,919.95
$2,111.11
Gary has just used his credit card to buy a new watch. He got the watch on sale for $2500. He used a credit card that has an APR of 20%.
Gary decides to pay $250 per month instead of the minimum payment. How long will it take Gary to pay for his watch?
12 months
16 monthe
2 years, 3 months
Um...October
