Exam 3: Consumer Credit

What is the monthly periodic rate on a loan with an APR of 18.6%?

Yoshi carries a balance on her credit card each month.In May,she decides she wants to use her card to buy a new dishwasher.In which part of the billing cycle should she make her purchase to keep her finance charges to the minimum?

Two consumers borrowed $10,000 for 5 years.Bob has a credit score of 650 and has an interest rate of 11.5%,whereas Tyree has a credit score of 710 and has an interest rate of 8.0%.What will be the total difference between what the two men pay?

Loretta was on vacation when her wallet was stolen.By the time she reported her three credit cards missing,the criminal had charged over $10,000 on each card.How much of this will Loretta have to pay?

Isabella wants to purchase a new refrigerator.When she applies for an installment loan at the appliance store,her loan application is turned down.What consumer law says that a lender must give her the reason,in writing,that she was denied the loan?

Kenise will begin college as a freshman next fall and has received a 10-year $5,500 Federal Direct Unsubsidized Loan with an interest rate of 6.8%.She will be required to begin making payments six months after graduation.How much interest will accrue while she is still in school and over the six-month grace period?

Taneeka borrowed $12,000 for a car for 6 years at an APR of 7.25%.Her monthly payment will be $206.03.

Lisa made this spreadsheet to compare her options when she decided to purchase a living room set on an installment plan. ​ ​ What spreadsheet formula should she input into F2?

Shania bought a $1,972 drum set on the installment plan.The installment agreement included a 20% down payment and 36 monthly payments of $52.04 each.What is the finance charge?

The total interest on a 5 year 5.2% loan with a principal of $10,000 is 10,000 $\times$ 0.052 $\times$ 5 = $2,600.

Jim wants to buy a computer.The total cost is $1,180.If he can save $60 a month,how long will it take for him to save up for the computer?

Mantago wants to borrow $10,000 to buy a used car.He examined his budget and decided that he can afford a payment of $200 a month.If his bank offers him an APR of 7.5%,how long should he borrow the money so he can afford his monthly payment?

Arnold purchased a $1,300 set of golf clubs on a nine-month layaway plan and had to pay a monthly payment of $158.89.What is the fee charged for the layaway plan?

Interest can be the money paid by a bank to a consumer as compensation for keeping his or her money in that bank.Interest can also be the money paid to a bank for the use of its money.

According to the credit calendar below,what is the average daily balance? ​

A debit card is a type of charge card of which the monthly bill must be paid in full.

Max found a car he wants to buy that costs $16,000.He can afford to pay $250 a month for the car.His bank offers him a car loan of 7.3%.The length of his loan should be about 5 years,so he can afford the payments.

Malika has a credit card balance of $321.Her available credit on this card is $4,679.What is her credit line on this card?