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1. Select the most likely consequence of making payments late to a card that has an introductory rate. |
Paying higher interest rates |
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2. Zach is an authorized user on his parents’ credit card. What may happen if Zach doesn’t use the card in a responsible way? |
Zach and Zach’s parents’ credit may be damaged |
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3. If the typical balance on Lucy’s credit card is $650 and the interest rate (APR) on her credit card is 18%, how much in interest would you expect Lucy to be charged in a typical month? |
About $9.75 |
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4. Suppose you have two credit cards. The first has a balance of $410 and a credit limit of $1,000. The second has a balance of $510 and a credit limit of $1,000. What is your overall credit utilization? |
46% |
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5. Jerry lost her credit card and instead of reporting it right away, she decides to continue looking for it for a couple of days. On the second day, she makes the call and reports the card lost/stolen to the credit card company. She then logs into the account activity page of her credit card and sees a recent $500 purchase that was made by someone else. How much of this $500 charge will Jerry have to pay? |
$0 |
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