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Key Quiz 9.3
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1
What is the daily interest rate for a credit card with an annual interest rate of 24%?
A)24%
B).0658%
C).0656%
D)0.0007%
2
Rumi has an unpaid balance on his credit card of $250. If his credit card charges an annual rate of 24% compounded daily, how much interest will he have to pay after 30 days if there is a three-day grace period?
A)$4.48
B)$4.98
C)$254.48
D)$254.98
3
Manny has a balance of $623.86 on his credit card for July. His minimum monthly payment is $10 or 2% of balance, whichever is greater. What is Manny’s minimum payment amount for July?
A)$2.48
B)$10
C)$12.48
D)$22.48
4
Hannah receives her April credit statement, which was issued on May 2. Her account offers a grace period of 12 days. It usually takes 3 days for transactions to be processed. Hannah paid her bill on June 10. For how many days will she be charged interest?
A)42
B)39
C)30
D)27
5
Further to the previous question: Hannah’s balance on her April statement was $508.00 and Hannah made a $300 payment on June 10. Her credit card company charges 30% annual interest compounded daily. What is her outstanding balance after her payment is processed?
A)$525.84
B)$259.96
C)$236.72
D)$225.84





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