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Consumer Credit
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Consumer credit - financial algebra
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
LS credit card had an average daily balance of $1000. The APR is 24%. Find interest.
$24
$2.40
$2
$20
2
the mnthly pyment for a 3% $1000 loan is $10, using same chart, wht is the pymnt for$4,000 loan
$400
$40
$10
$30
3
VP pays her credit card in full each month. Her Avg Daily Bal is $500 the APR is 18%. Interest
0
$90
$75
$7.50
4
A form filled out by college students to determine eligibility of governmnt loans & grants
ASVAB
FASFA
FICO
SAT
5
The upfront money applied to a purchase that is made using a loan
down payment
APR
monthly payment
collateral
6
JP buys $1075 car deferred plan APR 21%. Min pymnt of $75/mo for 1 yr. Last pymnt to avoid int?
$825
$100
$175
$900
7
Law that prohibits the creditor from harassing or using unfair means to collect the amount owed
Fair credit billing act
Truth in lending Act
No call list act
Schumer Box Act
8
FICO scores are a number that is used to determine credit worthiness
True
False
9
JP takes out a loan for $400 & pays back $100 in interest in 100 days, find the APR of loan?
6.8%
91.25%
68%
9.2%
10
Which act requires APR, fees, penalties to be displayed?
Stupid Tax Law
Truth in lending Act
Fair Debt Collection Practice
Credit Reporting Act
11
Organization or person who extends credit.
credit bureau
debitor
creditor
average daily balance
12
A personal belonging used as security insuring that a loan will be repaid.
average daily balance
collateral
debit/credit
possession
