Interactive practice questions
Refer to the monthly credit card statement to answer the following questions.
| Statement begins | 3 Jun 2011 | |||
| Statement ends | 2 Jul 2011 | |||
| Account number | 310035012023 | |||
| Min payment due date | 2 Aug 2011 | |||
| Min payment due | ||||
| Overdue | Opening Balance (amount owed) | New Charges | Payments/Refunds | Closing Balance (amount owed) |
| $0.00 | $1455.65 | |||
| Date | Transaction Details | Amount (dollars) | ||
| 8 Jun | EcoHolidays | 974.31 | ||
| 12 Jun | FashionWear | 110.57 | ||
| 15 Jun | Wages | -1062.07 | ||
| 18 Jun | Gifts Online | 158.70 | ||
| 19 Jun | Electricity Australia | 171.96 | ||
| 23 Jun | Edgecliff Council | 171.67 | ||
| 29 Jun | Wages | -1062.07 | ||
| 1 Jul | Pizza People | 32.67 | ||
| Credit limit | Available credit | Annual interest rate | Daily rate | |
| $3000 | $14.965%$14.965% |
What is the opening balance?
What is the total of the charges on the credit card for the month?
What is the total of the repayments for the month?
What is the closing balance for the month?
What is the credit limit?
What is the available credit?
When is the minimum payment due?
3 Jun 2011
2 Aug 2011
2 Jul 2011
If the minimum payment due is $24%$24% of the balance at the end of the statement period, what is the minimum payment due to the nearest cent?
What is the annual interest rate?
What is the daily interest rate to three decimal places? Assume there is $365$365 days in a year.
Calculate the closing balance on a credit card with opening balance $\$1068$$1068, if purchases to the amount of $\$802$$802 and repayments to the amount of $\$643$$643 are made during the month. Assume the closing balance is before any interest.
The opening balance on a credit card is $\$1620$$1620, and purchases of $\$677$$677 and repayments of $\$263$$263 are made during the month.