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03.08 Debt Practice Test
MASOODLF - FINANCIAL APPLICATIONS I-JOHN, A (TEACHER MASTER) / Debt
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6. Irene has a previous balance of $987 on a credit card with a 17.3% APR compounded monthly. If she made a payment of $50 this month, what is the new balance on her credit
card? (2 points)
O $1,157.75
O $1,107.75
O $937.00
O $951.23
7. Kristin uses her credit card to purchase a new television for $863.35. She can pay off up to $425 per month. The card has an annual rate of 29.9% compounded monthly, How