APR
Definitionss
Credit Card Statements
100
What is the monthly percentage for card that has the APR of 24.99?
(Hint: divide by the amount of months in a year)
2.0825
100
What is the principal?
The original amount borrowed.
100
What is the New Balance?
207.98
200
What is the monthly percentage for card that has the APR of 21.99?
1.8325%
200
What does APR stand for?
Annual percentage rate
200
What is the credit line?
$4,000.00
300
What is 15% as a decimal?
What is 3% as a decimal?
(Hint: think of pennies!!)
0.15
0.03
300
What is a cosigner?
Someone who agrees to pay off the loan if the original borrower cannot
300
What is the billing period?
30 days!
400
What is the interest accrued for a card that has a balance of $120 and a monthly interest rate of 2.5%
(Hint: Convert your % to a decimal)
$3 interest
400
What is a down payment?
Money paid in advance to lower the amount borrowed
400
Look at the previous balance, what would the new balance be after adjustments?
$1,272.67
500
What is the TOTAL amount owed at the end of the month if a card has a balance of $200 and a monthly interest rate of 4%?
The amount owed is $208
500
What is wage garnishment?
When money is taken from your paycheck involuntarily, to pay off your debts!
500
What is the AVAILABLE credit left to? spend?
$2,727.33