# consumer math

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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

• consumer math -

• consumer math -

this is a 50 question exam! he is not cheating!