11. Use this information for questions 1113.
On Holly’s credit card statement, her last balance was $102.57. She made a payment of $20, had new charges totaling $32.11, and pays a periodic rate of 1.23 percent. What is her unpaid balance?
(Points : 2)
$82.57
$114.68
$102.57
$122.57
12. What was Holly’s finance charge? (Points : 2)
$1.10
$1.02
$1.26
$1.41
13. What is Holly’s new balance? (Points : 2)
$102.67
$122.67
$115.70
$92.67
14. Diego borrowed $915 for nine months with monthly payments of $108.00. What is the amount of total payments? (Points : 2)
$1,023
$915
$1,002
$972
15. Nasir borrowed $420 for six months with $77 monthly payments. How much interest will he pay on this loan? (Points : 2)
$42
$77
$57
$52
16. Casey borrowed $814 for nine months, with payments of $105.50 monthly. What will he pay in interest? (Points : 2)
$103.16
$105.80
$135.50
$122.40
2 Answers

Use this information for questions 1113:
On Holly’s credit card statement, her last balance was $102.57. She made a payment of $20, had new charges totaling $32.11, and pays a periodic rate of 1.23 percent.
[11.] What is her unpaid balance?
102.57 – 20 = 82.57
—> Her unpaid balance is $82.57
[12.] What was Holly’s finance charge?
82.57 * 0.0123 = 1.015611
—> Holly’s finance charge is $1.02
[13.] What is Holly’s new balance?
82.57 + 1.02 + 32.11 = 115.7
—> Holly’s new balance is $115.70
[14.] Diego borrowed $915 for nine months with monthly payments of $108.00. What is the amount of total payments?
108 * 9 = 972
—> The total amount of payment is $972
[15.] Nasir borrowed $420 for six months with $77 monthly payments. How much interest will he pay on this loan?
77 * 6 = 462
462 – 420 = 42
—> The amount of interest he paid on the loan is $42
[16.] Casey borrowed $814 for nine months, with payments of $105.50 monthly. What will he pay in interest?
105.50 * 9 = 949.5
949.5 – 814 = 135.5
—–> The interest he pays is $135.50

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11. Use this information for questions 1113.
On Holly’s credit card statement, her last balance was $102.57. She made a payment of $20, had new charges totaling $32.11, and pays a periodic rate of 1.23 percent. What is her unpaid balance?
(Points : 2)
$82.57
$114.68
$102.57
$122.57
12. What was Holly’s finance charge? (Points : 2)
$1.10
$1.02
$1.26
$1.41
13. What is Holly’s new balance? (Points : 2)
$102.67
$122.67
$115.70
$92.67
14. Diego borrowed $915 for nine months with monthly payments of $108.00. What is the amount of total payments? (Points : 2)
$1,023
$915
$1,002
$972
15. Nasir borrowed $420 for six months with $77 monthly payments. How much interest will he pay on this loan? (Points : 2)
$42
$77
$57
$52
16. Casey borrowed $814 for nine months, with payments of $105.50 monthly. What will he pay in interest? (Points : 2)
$103.16
$105.80
$135.50
$122.40
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