Credit & Loan
If the APR on a credit card is 25% what is the monthly periodic rate? (Round to the nearest tenth of a %)
2.1%
Faith is taking an $8100, 2.5 year loan with an APR of 8.22%. What is the monthly payment for this loan? Hint: There's a formula for that!
$299.61
Pauline's credit card was lost on a business trip. She immediately reported it missing to her creditor. The person who found it hours later used it and charged $600 worth of merchandise on it. How much is Pauline responsible for paying?
0$ because of the Truth and Lending Act and she reported it lost before it was used to charge the merchandise.
Shane bought a $1455 drum set on an installment plan. The installment agreement requires a 15% down payment. What does Shane need to pay down initially?
$218.25
Shane bought a $1455 drum set on an installment plan. The installment agreement requires a 15% down payment. What does Shane need to pay down initially?
$218.25
Dan paid his April credit card bill in full. His May bill shows an average daily balance of $270.31 and a monthly periodic rate of 1.95%. What is the finance charge on Dan's May statement?
$0 Since he paid his April bill in full, there are no finance charges! Good for Dan!
Carly took a $7000, three year loan with an APR of 8.15%.
What is the finance charge?
$914.24
Shane bought a $1455 drum set on an installment plan. Shane will have to make 18 monthly payments of $80.78 each in addition to his 15% down payment. What is the total amount of the monthly payments?
$1454.04
If the monthly periodic rate on a credit card is 2.1% what is the APR? (Round to the nearest tenth of a percent)
25.2%
Carly took a $7000, three year loan with an APR of 8.15%.
What is the total amount of the monthly payments?
$7,914.24
Shane bought a $1455 drum set on an installment plan. Shane will have to make 18 monthly payments of $80.78 each in addition to his 15% down payment. How much will Shane pay for the drum set on the installment plan?
$1672.29
Vince had the following daily balances for his last billing period. He did not pay the card in full the previous month, so he will have to pay a finance charge. The APR is 19.2%.
Nine Days: $778.12
Eight Days: $1,1876.00
Four Days: $2,112.50
Ten Days: $1,544.31
What is the finance charge?
$23.69
Bill can afford a monthly payment of $475. He wants to take out a $20,000 loan at 7% interest rate. What should the length of the loan be? (Hint: There's a formula for that)
Round to the nearest year.
4 years
Shane bought a $1455 drum set on an installment plan. Shane will have to make 18 monthly payments of $80.78 each in addition to his 15% down payment. What will the finance charge be on using the installment plan?
$217.29
Vince had the following daily balances for his last billing period. He did not pay the card in full the previous month, so he will have to pay a finance charge. The APR is 19.2%.
Nine Days: $778.12
Eight Days: $1,1876.00
Four Days: $2,112.50
Ten Days: $1,544.31
What is the average daily balance?
$1480.78