business test 2/28

You have a balance of $15,300 on your credit card with an 18% interest rate (1.5% per month). You pay $200 this month. Did your balance go up or down?

up

Your check register shows a balance of $565. Your last bank statement shows an ending balance of $715. All transactions match except for two outstanding checks for $100 and $50. Does your register balance with the statement?

yes

You deposited a check for $1,200 into your checking account that had a balance of $625 and it "bounced". You had written checks for $450, $225, $215, and $187. Your bank will pay the largest check that you wrote first. Your account is overdrawn, and the remaining checks written to pay monthly bills did not clear. Your bank charged you a $35 overdraft fee and each of the remaining creditors receiving bounced checks charged you a $25 late payment fee. What did the $1,200 check that "bounced" on you cost you?

$110

A bank statement has a beginning balance of $5,492.56, total debts of $1,130, and an ending balance of $5,329.53. What is the difference between the beginning balance and the ending balance

$162.03

You are paying 11% interest on a credit card balance of $2,000. Which of the following best estimates the interest you are paying each month?

$18.33

Your opening balance this month was $1,664.00. In the last thirty days you made the following purchases: $27.35, $54.15, and $125.00. You are charged 15% annual interest (or 1.25% per month). If you pay a full month's interest on those purchases, what will your new balance be?

$1893.88

You need to write a check for $167.50 from your checking account, which has a balance of $1,725.25. What percent of your balance will remain?

$218.09

A bank is offering you an introductory credit card promotion. Your interest for the first year is 8%. But, at the beginning of the 2nd year your interest rate will go up to 23%. If you have an $1,800 balance on your card throughout both years, what will be the difference in the monthly interest owed during year 1 and year 2?

$22.50

The following transactions, in order, are expected to hit your checking account next month: $30 deposit, $20 withdrawal, $30 withdrawal, $40 deposit, and $50 withdrawal. What is the least amount you can have as a beginning balance without overdrawing the account?

$30

You have made bank deposits of $1,227.09, $29.78, $437.18, $277.36, $33.98, $15.21 and $117.00. What was your mean deposit for the month?

$305.37

Your checking account currently has a balance of $6,758.21. If it were to shrink by 7% per year for 5 years, what is your projected balance?

$4,701.61

You just turned 18, and you can get your own credit card. But, because you are a young person with no credit history your interest rate will be relatively high at 26%. If your parents put you on their credit card account, your interest rate will be much lower at 16%. If you buy a new HDTV for $695. what would the difference be between the two cards over 8 months?

$46.34

New shoes are on SALE. You find a pair you like for $85 dollars. But you only have $45 with you. So, you pay $40 and charge the balance. At 8% interest, what will the balance owed be in six months? (Assume no payments made and simple interest.)

$46.80

If the total for this month's credit purchases is $550 at 24% annual interest, what is the total balance for the month after one month of interest accrues?

$561

You have a balance of $4,500 on your credit card. The interest rate is 12% (1% per month). The late payment fee is $40. You miss a payment. What are your fees plus interest for the month?

$85

Your checking account balance is $225. You received a "bounced" check and your bank has charged you a penalty fee of $35. What percent of your balance did the penalty cost you?

15.6%

Last month the balance on your credit account was $785. Your new balance is $540. What percent of your total balance did you pay?

31%

Last month's balance on your credit account was $2,350. You paid off $865. What percentage of your original balance is left?

63%

You need to write a check for $167.50 from your checking account, which has a balance of $1,725.25. What percent of your balance will remain?

90.3%

Which formula best expresses your monthly ending balance?

beginning balance - withdrawals + deposits = ending balance