Newton uses a credit card with a 18.6% APR, compounded monthly, to pay for a cruise totaling $1,920.96. He can pay $720 per month on the card. What will the total cost of this purchase be?
$2,458.98
$2,278.26
$1,978.02
$1,920.96
Use the details of Pamela’s new credit card to answer the question that follows.
APR 18.7% compounded monthly
Grace Period 30 days
Minimum Payment 3.5% of the remaining balance or $30, whichever is higher
Pamela charged $925 to her credit card last month. What is the first minimum payment she must make?
$92.50
$172.98
$32.38
$30.00
Tali has opened two credit cards in the last year. Use the information on each credit card located in the table below to answer the question.
Account
Name
Account
Number
Date
Opened
Balance
Past
Due
Account
Status
Credit
Limit
Credit
Card A xxxx 3/4/11 $4,198.60 $0.00 PAYS AS
AGREED $8,500
Credit
Card B xxxx 5/5/11 $3,144.82 $0.00 PAYS AS
AGREED $9,000
What is Tali’s overall debt-to-credit ratio?
34.61%
84.01%
41.79%
49.40%
+40 
