Devin’s bank charges $1.75 for nonbank ATM
withdrawals and $0.30 for each debit card trans-
action. Last month, Devin paid $8.25 in ATM
and debit card fees. He made 3 nonbank ATM
withdrawals. How many times did Devin use his
debit card last month?
A 2
B 5
C 7
D 10
Let's start by figuring out how much Devin spent on nonbank ATM withdrawals. Since each withdrawal costs $1.75 and he made 3 withdrawals, he spent 3 x $1.75 = $5.25 on nonbank ATM fees.
We know that he paid a total of $8.25 in fees, and we just figured out that $5.25 of that was from nonbank ATM fees. This means that the rest, $8.25 - $5.25 = $3, was from debit card transactions.
We also know that each debit card transaction costs $0.30. To figure out how many times Devin used his debit card, we can divide the total debit card fees by the cost per transaction: $3 ÷ $0.30 = 10.
Therefore, Devin used his debit card 10 times last month. The answer is D) 10.
Which statement about a credit report is true?
A My credit report cannot affect my future ability
to obtain a loan.
B A credit report is always correct and doesn’t
contain any errors.
C Negative actions on a credit report generally
remain for 7-10 years.
D College grades are used in credit reports.
C Negative actions on a credit report generally remain for 7-10 years.
Which method of paying for college needs to be
paid back?
A Grants
B Loans
C Scholarships
D Work-study programs
B Loans.
Which statement best describes purchases made
with a credit card?
A Purchases made with this card are withdrawn
directly from a bank account.
B Purchases made with this card require a PIN
number.
C If you don’t record your purchases, you may
have to pay a overdraft fee.
D Purchases made with this card are subject to
interest.
D Purchases made with this card are subject to interest.
Which is an advantage of using a credit card over
a debt card?
A You must have enough money in your account
to cover your purchases.
B You don’t have to carry cash.
C Used responsibly, it can help build a positive
credit history.
D You pay interest on the unpaid balance.
C Used responsibly, it can help build a positive credit history.
The choices I make today affect my future success.
Which choice would affect my ability negatively to
get a loan?
A Continuing my education after graduating
from high school.
B Getting a credit card that I pay off each month.
C Having a high debt ratio.
D Saving some of my earnings each month.