Finance Charges Practice Review Test.
Hannah has a credit card with an APR of 11.90% and a billing cycle of 30 days. The following table shows
Hannah's transactions in the month of April. - CORRECT ANSWER $3.30
Roger has a credit card with an APR of 19.40% and a billing cycle of 30 days. The following table shows
his transactions with that credit card in the month of June. - CORRECT ANSWER daily balance method
Jennifer has a credit card with an APR of 10.22% and a billing cycle of 30 days. The following table shows
Jennifer's credit card transactions in the month of January.
How much greater will Jennifer's January finance charge be if the finance charge is calculated using the
previous balance method than if it is calculated using the adjusted balance method? - CORRECT ANSWER
$0.67
Elizabeth's credit card computes her finance charges using the previous balance method and a 30-day
billing cycle. The table below shows Elizabeth's credit card transactions in July.
If Elizabeth has an APR of 14.61%, how much will her July finance charge be? - CORRECT ANSWER
$11.80
Michael has a credit card with an APR of 15.33%. It computes finance charges using the daily balance
method and a 30-day billing cycle. On April 1st, Michael had a balance of $822.05. Sometime in April, he
made a purchase of $77.19. This was the only purchase he made on this card in April, and he made no
payments. If Michael's finance charge for April was $10.71, on which day did he make the purchase? -
CORRECT ANSWER d
Maya's credit card has an APR of 11.84% and a billing cycle of 30 days. The table below shows her
transactions with that credit card in the month of September.
Hannah has a credit card with an APR of 11.90% and a billing cycle of 30 days. The following table shows
Hannah's transactions in the month of April. - CORRECT ANSWER $3.30
Roger has a credit card with an APR of 19.40% and a billing cycle of 30 days. The following table shows
his transactions with that credit card in the month of June. - CORRECT ANSWER daily balance method
Jennifer has a credit card with an APR of 10.22% and a billing cycle of 30 days. The following table shows
Jennifer's credit card transactions in the month of January.
How much greater will Jennifer's January finance charge be if the finance charge is calculated using the
previous balance method than if it is calculated using the adjusted balance method? - CORRECT ANSWER
$0.67
Elizabeth's credit card computes her finance charges using the previous balance method and a 30-day
billing cycle. The table below shows Elizabeth's credit card transactions in July.
If Elizabeth has an APR of 14.61%, how much will her July finance charge be? - CORRECT ANSWER
$11.80
Michael has a credit card with an APR of 15.33%. It computes finance charges using the daily balance
method and a 30-day billing cycle. On April 1st, Michael had a balance of $822.05. Sometime in April, he
made a purchase of $77.19. This was the only purchase he made on this card in April, and he made no
payments. If Michael's finance charge for April was $10.71, on which day did he make the purchase? -
CORRECT ANSWER d
Maya's credit card has an APR of 11.84% and a billing cycle of 30 days. The table below shows her
transactions with that credit card in the month of September.
