AW Math 11 Unit Test 7
AW Math 11 Unit 7 Test Practice. Name:_________________
Date:_________________ Block:________
Part I) Multiple Choice. (1 mark each)
1) A standard bank account allows 18 free transactions per month and charges $0.30 for each additional transaction. How much will 47 transactions in one month cost?
A. $8.70 B. $9.40 C. $5.95 D. $4.80
2) The charge for using an ATM not owned by your bank is $3.50. How much would be deducted from your account if you withdrew $110.00 on five separate occasions from an ATM not from your bank?
A. $620.50 B. $606.50 C. $587.50 D. $567.50
3) Michael has an outstanding credit balance of $1700.00 on a credit card. The minimum monthly payment is 7% or $50.00, whichever is more. What is the minimum monthly payment?
A. $119 B. $109.19 C. $89.00 D. $50.00
4) What is a finance charge?
A) The charge for using an ATM to get a cash advance on your credit card.
B) The total amount of interest paid to borrow a sum of money.
C) The tax paid on any purchase made with a credit card.
D) The monthly payment to a credit card agent for an unpaid balance.
5) A credit card holder with an unpaid balance of $1735.00 must make a minimum payment of $69.80. What percentage of the balance is the minimum payment?
A) 4% B) 4.9% C) 5.9% D) 2.9%
6) The minimum monthly payment for Hasan’s credit card is 6% of the unpaid balance. Hasan pays the minimum of $ 87.68. What is his unpaid balance?
A) $1178.00 B) $1528.00 C) $1928.00 D) $1461.33
7) Jemima makes $1560.00 worth of purchases on her credit card. If the credit card charges 21% annual interest, how much interest will she accumulate on the unpaid balance over 45 days?
A) $22.59 B) $26.15 C) $40.38 D) $93.15
8) On July 18, Stephanie purchases a ticket for a boat cruise vacation for $3600.00 on her credit card. She is charged interest starting on the day of her purchase. If the credit card charges 17.50% interest annually, how much interest will Stephanie owe on the cruise on October 2?
A) $163.37 B) $132.90 C) $110.07 D) $99.81
9) A loan of $780.00 is taken out at a daily simple interest rate of 0.80%. How much will it cost to pay off the loan after 23 days?
A) $968.52 B) $923.52 C) $919.02 D) $947.08
10) If 29 days after a $1800.00 loan is charged, it costs $1925.00 to pay it off, what is the annual interest rate?
A) 7.6% B) 2.9% C) 88.2% D) 87.4%
11) In order to give a payday loan of $860.00, the payday loan store requires a cheque of $930.00 dated for 10 days later. What is the finance charge on this loan?
A) $8.60 B) $0.70 C) $70.00 D) $7.00
12) What is collateral?
A) An item of value pledged by a borrower to secure a loan.
B) A down payment designed to reduce the monthly payments on a loan.
C) A failure to repay a loan.
D) A measure of the interest accrued on a any given loan.
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