Question

1.
Charge cards _____.

A. have the same amount due each month
B. must have their balances paid in full each month
C. are another name for a credit card
D. can be used in more places than credit cards

2.
You should always pay more than the _____.

a. available balance
b. bad debt
c. minimum due
d. penalty

3.
You have $2,675.00 on a credit card with a 15.75% APR. You miss your minimum payment and there is a late fee of $29.00. How much is your balance at the beginning of the second month?

a. $2,814.31
b. $2,739.11
c. $3,125.31
d. $2,710.11

Answer 1

Answers for 1 & 2 are provided.
1. Another name for credit cards.
2. Always pay more than the minimum due (unless you want to pay more for your purchases in the long run).

Answer 2

The correct answer to this question is this one:

1 b. must have their balances paid in full each month. Charge cards must have their balances paid in full each month

2 c. minimum due. You should always pay more than the minimum due.

3 b. $2,739.11. You have $2,675.00 on a credit card with a 15.75% APR. You miss your minimum payment and there is a late fee of $29.00. Your balance at the beginning of the second month is $2,739.11