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Consumer math! help please?

Discuss the role of Credit Reference Agencies

Consumer math! help please?

Postby peyton89 » Mon Jan 16, 2012 4:40 pm

When starting your credit history, a low-credit-limit, high-interest-rate credit card should be paid ____. (1 point)
in full, on time, every time
in even payments each time
at least the minimum due
as much as you can when due

9. APY means ____. (1 point)
annual percentage yield
annual percentage yearly
apportioned percentage yield
applied percentage yield

10. Payment history is ____ of your credit score. (1 point)
35%
30%
10%
15%

11. Your gross pay is $2,759.00. Your involuntary deductions are FICA (7.65%), federal withholding (12%), and state withholding (7%). How much are you allowed for housing and fixed expenses? (1 point)
$772.52
$993.24
$728.54
$566.64

12. You are paid $8.25/hour. You work 35 hours/week for 3 weeks. Your involuntary deductions are FICA (7.65%), federal withholding (13%), and state withholding (9%). How much is your realized income? (1 point)
$203.13
$866.25
$288.75
$609.39
peyton89
 
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Joined: Tue Mar 22, 2011 1:36 pm

Consumer math! help please?

Postby adolf » Mon Jan 16, 2012 4:42 pm

8. When starting your credit history, a low-credit-limit, high-interest-rate credit card should be paid in full, on time, every time. You don't want to pay interest, and you want to build a good payment history. If you can't pay it in full, pay as much as you can, to minimize the interest charges.

9. APY means annual percentage yield

12. $8.25 x 35 x 3 = $866.25 gross pay. 7.65% + 13% + 9% = 29.65%, so 100%-29.65% or 70.35% of your gross pay will be your net pay. $866.25 x 70.35% = $609.41
adolf
 
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Joined: Mon Mar 21, 2011 7:04 pm


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