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unit 4 test review
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Terms in this set (15)
This table can be used to organize Raj's credit card balances and payments over 6 months. The annual percentage rate on the card is 18%.
What is the amount of total interest charged for the first 6 months?
24.75
Which is considered a good credit practice?
Pay more than the minimum amount that is due.
A mortgage is a legal agreement between a borrower and a
bank
Rita has a credit card that gives a 6% discount on every purchase. The annual percentage rate on the card is 15%. She is purchasing a digital camera for $300.
If she purchases the camera and only pays $80 on the first month's bill, how much will she need to pay off the balance the following month?
$204.53
Fiona wrote a check to the veterinarian for $89.56. She'll use the check register to record her transaction. What will be her new balance?
2,458.94
How many years will it take Kamil to pay off the loan?
3 years
This table can be used to organize Gigi's credit card balances and payments over 6 months. The annual percentage rate on the credit card is 14%.
What is the amount of interest charged for the first 6 months?
15.75
Aliyah made a payment in the amount of $47.93. She'll use the check register to record her transaction. What will be her new balance?
1295.02
The charts show the effect of an interest rate adjustment on an adjustable-rate mortgage.
The change in interest rate shown in the charts resulted in
a higher monthly payment.
A down payment is usually what percentage of the asking price of a home?
5-20 percent
Borrowers taking a balloon payment mortgage most likely
must repay the loan in five to ten years.
Marcus deposited his paycheck in the amount of $625.84. He'll use the check register to record his transaction. What will be his new balance?
1266.15
Companies report people to credit agencies if they
fail to pay their bills on time.
Jessica is trying to get a credit card. She has a credit score of 790. How is Jessica's lender likely to view this credit score
Jessica is low risk and will pay her outstanding balances on time.
In which column on a check register should the total current amount in the account be entered?
Balance
THIS SET IS OFTEN IN FOLDERS WITH...
the cost of credit
18 terms
Personal Finance (Understanding Credit)
10 terms
Unit Test
15 terms
Financial Responsibility
13 terms
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