Chapter 7:
Charge and Credit Cards
1.
Greg Forrester's charge account statement showed a previous balance of $152.35, a finance charge of $1.78, new purchases of $45.23 and $15.67, a payment of $50.00, and a credit of $12.84. What is the new balance?
a.
$152.19
b.
$152.51
c.
$227.87
d.
$277.87
2.
Cynthia Roberts has a charge account at Harry's Hardware, which uses the unpaid-balance method of computing finance charges. The periodic rate is 1.5 percent. Ms. Roberts's previous balance is $178.85, and she had payments and credits of $74.00. If she has new purchases of $98.74, what is her new balance?
a.
$305.39
b.
$206.64
c.
$205.16
d.
$156.42
3.
Pedro Guarante has a charge account at Art's Supplies. The finance charge is computed using the average-daily-balance method where new purchases are not included. Guarante's previous balance is $145.00, and the billing period is from April 1–April 30. On April 10, Guarante made a $50.00 payment. On April 20, he made a purchase of $63.45. What is his average daily balance?
a.
$95.00
b.
$110.00
c.
$132.82
d.
$158.45
4.
Wendy Hoyt has a charge account where the finance charge is computed using the average-daily-balance method that includes new purchases. The billing period is from June 1–30. Her previous balance is $112.34. On June 12, she made a payment of $25.00, and on June 18, she made a purchase of $54.68. What is her average daily balance?
a.
$32.66
b.
$82.66
c.
$120.20
d.
$142.02
5.
Glen Keenan's charge account statement showed a previous balance of $97.52, a finance charge of $1.46, new purchases of $12.96 and $54.00, a payment of $30.00, and a credit of $26.99. What is the new balance?
a.
$108.95
b.
$195.94
c.
$192.93
d.
$222.93
6.
Elena Martinez's charge account showed a previous balance of $218.97, a finance charge of $3.28, new purchases of $46.78 and $24.32, a payment of $40.00, and a credit of $23.09. What is the new balance?
a.
$81.50
b.
$207.68
c.
$230.26
d.
$356.44
7.
Telitha Smith has a charge account which uses the unpaid-balance method of computing finance charges. The periodic rate is 1.5 percent. Ms. Smith's previous balance is $47.25, and she had payments and credits of $26.85. If she has new purchases of $113.68, what is her new balance?
a.
$81.50
b.
$134.08
c.
$136.09
d.
$134.39
8.
Guido Spano has a charge account at Orange County Tile. The finance charge is computed using the average-daily-balance method where new purchases are not included. Spano's previous balance is $317.94, and the billing period is from September 1–30. On September 12, Spano made a $75.00 payment. On Septmember 24, he made a purchase of $157.84. What is his average daily balance?
a.
$104.84
b.
$270.44
c.
$315.37
d.
$400.78
9.
Tamara Verri has a charge account where the finance charge is computed using the average-daily-balance method that includes new purchases. The billing period is from November 1–30. Her previous balance is $162.54. On November 12, she made a payment of $50.00, and on November 18, she made a purchase of $32.37. What is her average daily balance?
a.
$44.69
b.
$144.90
c.
$180.18
d.
$244.91
10.
Hunter Schatzel has a charge account which uses the unpaid-balance method of computing finance charges. The periodic rate is 1.5 percent. Hunter's previous balance is $98.56, and he had payments and credits of $47.97. If he has new purchases of $136.85, what is his new balance?
a.
$9.68
b.
$51.35
c.
$187.44
d.
$188.20
Ch. 1-5
Ch. 6-10
Ch. 11-15
Ch. 16-20
Ch. 21-23
Ch. 1
Ch. 2
Ch. 3
Ch. 4
Ch. 5
Ch. 6
Ch. 7
Ch. 8
Ch. 9
Ch. 10
Ch. 11
Ch. 12
Ch. 13
Ch. 14
Ch. 15
Ch. 16
Ch. 17
Ch. 18
Ch. 19
Ch. 20
Ch. 21
Ch. 22
Ch. 23
