CREDIT AND DEBIT INTRODUCTION
UNIT TEST QUESTIONS WITH
COMPLETE ANSWERS
Sara eeapplied eefor eea eecard eeat eeher eefavorite eeclothing eestore, eeand eeit eecan eeonly
eebe eeused eefor eepurchases eeat eethat eestore. eeWhat eetype eeof eecredit eecard eedid
eeshe eeapply eefor? ee- eeAnswer eeprimary eesales eecredit eecard
What eeis eethe eename eeof eethe eeact eethat eeprotects eeyou, eethe eeconsumer, eeso eethat
eeyou eedo eenot eehave eeto eepay eeif eeyou eedo eenot eereceive eethe eeitems eeyou
eepurchased? ee- eeAnswer eeThe eeTruth eein eeLending eeAct
What eeis eethe eeamount eethat eea eecustomer eeowes eeon eea eecredit eecard eeat eethe
eeend eeof eethe eemonth eecalled? ee- eeAnswer eeending eebalance
If eea eeflorist eeuses eeher eecredit eecard eeto eepay eefor eea eenew eewindow eedisplay eethat
eecosts ee$1,242 eeand eedoes eenot eepay eeon eeit eeuntil eethe eesecond eemonth, eewhat
eewill eethe ee1.25% eemonthly eeinterest eecharge eebe eeat eethe eeend eeof eethe eefirst
eemonth? ee- eeAnswer ee$15.53
Ali eefinds eeout eeher eecredit eescore eeis ee750. eeWhat eeis eethe eemeaning eeof eeher
eescore? ee- eeAnswer eeexcellent
Which eeof eethe eefollowing eeactions eecould eelower eeyour eecredit eescore? ee- eeAnswer
eeclosing eeall eeyour eecredit eeline eeaccounts
If eethe eeannual eeinterest eerate eeis ee10%, eewhat eeis eethe eeapproximate eemonthly
eeinterest eerate? ee- eeAnswer ee0.833%
Calculate eethe eemonthly eepayment eefor eea ee$2,500 eeloan eeat ee9% eeannual eeinterest
eefor eetwo eeyears.
Use eethe eeformula, eeM=Pm(1+m)na(1+m)na−1 eeas eeneeded. ee- eeAnswer ee$114.21
UNIT TEST QUESTIONS WITH
COMPLETE ANSWERS
Sara eeapplied eefor eea eecard eeat eeher eefavorite eeclothing eestore, eeand eeit eecan eeonly
eebe eeused eefor eepurchases eeat eethat eestore. eeWhat eetype eeof eecredit eecard eedid
eeshe eeapply eefor? ee- eeAnswer eeprimary eesales eecredit eecard
What eeis eethe eename eeof eethe eeact eethat eeprotects eeyou, eethe eeconsumer, eeso eethat
eeyou eedo eenot eehave eeto eepay eeif eeyou eedo eenot eereceive eethe eeitems eeyou
eepurchased? ee- eeAnswer eeThe eeTruth eein eeLending eeAct
What eeis eethe eeamount eethat eea eecustomer eeowes eeon eea eecredit eecard eeat eethe
eeend eeof eethe eemonth eecalled? ee- eeAnswer eeending eebalance
If eea eeflorist eeuses eeher eecredit eecard eeto eepay eefor eea eenew eewindow eedisplay eethat
eecosts ee$1,242 eeand eedoes eenot eepay eeon eeit eeuntil eethe eesecond eemonth, eewhat
eewill eethe ee1.25% eemonthly eeinterest eecharge eebe eeat eethe eeend eeof eethe eefirst
eemonth? ee- eeAnswer ee$15.53
Ali eefinds eeout eeher eecredit eescore eeis ee750. eeWhat eeis eethe eemeaning eeof eeher
eescore? ee- eeAnswer eeexcellent
Which eeof eethe eefollowing eeactions eecould eelower eeyour eecredit eescore? ee- eeAnswer
eeclosing eeall eeyour eecredit eeline eeaccounts
If eethe eeannual eeinterest eerate eeis ee10%, eewhat eeis eethe eeapproximate eemonthly
eeinterest eerate? ee- eeAnswer ee0.833%
Calculate eethe eemonthly eepayment eefor eea ee$2,500 eeloan eeat ee9% eeannual eeinterest
eefor eetwo eeyears.
Use eethe eeformula, eeM=Pm(1+m)na(1+m)na−1 eeas eeneeded. ee- eeAnswer ee$114.21
