12) Susan has a credit card with a monthly rate of 1.4%. The account applies the unpaid balance method. The

unpaid balance for her Apr billing cycle is $415.20. During the billing cycle she made purchases of $189.36

returned items for $17.08, and made a payment of $60.00. Find the new balance.

A) $567.45 B) $118.09 C) $533.29 D) $550.37

 

14) On October 1, the unpaid balance in an account was $185. No payments were made that month. The interest

rate per month was 1.75% per month of the average daily balance. Find the finance charge for the month of

October.

A) $3.14 B) $3.06 C) $3.41 D) $3.24

 

7) Find the discount and proceeds on a $66,900.00 face-value note for 100 days if the discount rate is 9.75%.

A) Discount = $1811.88

Proceeds = $65,088.12

B) Discount = $0.00

Proceeds = $66,900.00

C) Discount = $6522.75

Proceeds = $60,377.25

D) Discount = $1787.05

Proceeds = $65,112.95