Unit 4 Review #1
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Mathematics
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9th Grade - University
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Jude Platukis
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4 Slides • 12 Questions
1
Unit 4 Review #1
By Jude Platukis
2
Take the APR and divide it by:
MONTHLY: APR / 12
DAILY: APR / 365
Some text here about the topic of discussion.
Daily and Monthly periodic rate
3
Joe John goes to the local bank to procure a cash advance. His APR given was 28%. He borrows $1,500, with interest paid for 45 days. In addition he had to pay a flat 4% fee. What was his total finance charge?
Replace this with a header
4
Multiple Choice
If I have an 18% APR, what is my monthly INTEREST RATE?
5
Multiple Choice
Given a daily periodic rate of 0.05031%, calculate the daily interest charge if the average daily balance is $2,453.85
$123.45
$1.23
$14.81
$450.60
6
Multiple Choice
Hannah did not pay her American Express credit card bill in full in May. Her June bill showed a finance charge, and she wants to see whether or not it is correct. The average daily balance is $16,325.72, and the APR is 19.99%. Find the finance charge for her June statement.
$301.75
$272.41
$92.93
$403.97
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1) Need monthly rate since we are looking at one month 19.99% / 12 = 0.0167
2) I = PRT I = 16,352.72 x (19.99%/12) x 1 month = $272.41
8
Multiple Choice
If Rocky's credit card has a $1,329.64 balance and he charged $528.44 in new purchases, what is the new balance?
$1,972.32
$1,867.45
$896.45
$1,858.08
9
Multiple Choice
Mary’s average daily balance for last month was $750. The finance charge was $12.24. What was the APR? (DONT FORGET TO MULTIPLY BY 12. IF NOT, YOU ARE GIVEN THE MONTHLY RATE)
0.0163%
19.6%
1.63%
0.196%
10
Multiple Choice
Piper's credit card has a $9626.42 balance. She makes a $1,523 payment. What is the new balance?
$8103.42
$9402.92
$43.07
$782.43
11
Multiple Choice
12
Multiple Choice
13
Multiple Choice
Interest Rate - 2.7%
How much did you pay in interest?
14
Multiple Choice
Assuming the APR on your credit card is 18% and your average daily balance this month was $10,000, what will your interest or finance charges for the month be? Use monthly periodic rate.
$60
$150
$1.50
$180
15
Multiple Choice
Mary’s average daily balance for last month was $1026.25. The finance charge was $15.36. What was the APR?
0.014%
19.6%
18%
14%
16
Multiple Choice
Unit 4 Review #1
By Jude Platukis
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