Credit Card Rates — Quiz Answers

Over a 12 -month period, a credit card accrues a total interest of $⁢680 on a $⁢4,000 loan. What is the APR?

A student is given a credit card with a monthly interest rate of 1.5% If the student has a balance of $500 on the card for one month, what is the APR (Annual Percentage Rate) of the credit card?

A credit card has a monthly interest rate of 1.5% What is the APR for this credit card? APR =Interest Rate⋅12

Rhea had an unexpected medical emergency and had to pay $5,000 on her credit card. The card has an APR of 18% If x represents the average daily balance and y represents the finance charge for a month, which equation models the finance charge y accrued on the balance using the APR?

A loan has principal of $⁢3,500 and incurs $⁢210 of interest over a 9 -month term. Complete the formula with the correct values to find the APR.

Moises spent $⁢3,000 on home appliances using his credit card with a 21% APR. If p denotes the average daily balance and q the monthly finance charge, which formula computes q from the APR?

A borrower was charged a total interest of 4.5% on a $⁢500 principal for a 3 -month credit term. What is the APR? APR =((Total Interest Percentage)/(Credit Terms in Months))⋅12

Danna had a starting balance of $150 on her credit card. On the 10th day of the billing cycle, she charged an additional $100, and on the 20th day, she returned an item for a credit of $50. What was Danna's average daily balance if the billing cycle is 30 days?

Adrian's credit card statement shows a balance of $500 for the first 15 days of the billing cycle. On the 16th day, Adrian made a payment of $200, reducing the balance for the remaining 15 days. What is Adrian's average daily balance?

Sienna faced unexpected travel costs of $⁢1,500 , charged to a credit card with a 15% APR. If a represents the average daily balance and b is the finance charge for one month, which equation accurately models b using the APR?