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EXAM 2 PRACTICE PROBLEMS FOR CREDIT (NO ANSWER)

# EXAM 2 PRACTICE PROBLEMS FOR CREDIT (NO ANSWER) - PRACTICE...

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PRACTICE PROBLEMS FOR CREDIT Question 1 Charlie's previous balance on his visa card was \$1500. He made a payment of \$800. Using the adjusted balance method, calculate Charlie's finance charges for the month of April if his visa card charges him an Annual Rate of Return of 12% (compounded monthly). Question 2 Scott's previous balance on his visa card was \$45,000. However, he paid 15% of this balance off this month. Using the Adjusted Balance Method calculate Scott's finance charges for the month if his visa card charges him an Annual Percentage Rate of 18% (compounded monthly). Question 3 Brad's average daily balance on his visa card is \$1407.25. His credit card charges him an Annual Percentage Rate of 15%, compounded monthly. Using the Average Daily Balance Method, Calculate Brad's finance charges for June. Question 4 Marie's average daily balance for August was \$8,900. Her credit card charges her an Annual Percentage Rate of 19% compounded monthly. Using the Average Daily Balance Method, calculate Marie's finance charges for August.

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EXAM 2 PRACTICE PROBLEMS FOR CREDIT (NO ANSWER) - PRACTICE...

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