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August 20, 2014

Homework Help: consumer math

Posted by josh patterson on Sunday, February 19, 2012 at 7:11pm.

1. Which of the following is an advantage of using credit cards? (Points : 1)
Credit card accounts charge monthly interest.
It is very easy to charge more than you can pay off each month.
If you pay late, you will be charged a late fee.
They are convenient.

2. The amount left when you subtract last month's payment from last month's balance on a credit card statement is the (Points : 1)
APR.
unpaid balance.
new balance.
minimum payment.

3. The percentage charged each month on purchases charged to the credit card account is called the (Points : 1)
periodic rate
new balance
unpaid balance
minimum payment

4. Use this information for questions 4-6.
On Kathleen's credit card statement, her last balance was $89.70. She made a payment of $20, had new charges totalling $32.11, and pays a periodic rate of 1.23 percent. What is her unpaid balance?

(Points : 1)
$102.91
$77.59
$101.81
$69.70

5. What was Kathleen's finance charge? (Points : 1)
$1.10
$0.86
$1.25
$1.23

6. What is Kathleen's new balance? (Points : 1)
$102.67
$122.67
$82.67
$92.67

7. Jack's credit card statement showed these items:
Last Balance Payments Finance Rate New Charges
$95.85 $45.00 1.5% $345.90

What is Jack's new balance? (Points : 1)
$494.05
$402.70
$397.51
$448.38

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