Credit Card Worksheet

This worksheet is NOT intended to replace the homework that you received in your booklet in class. It is here so that you can double check your understanding of the main calculation examples shown on this site. MAKE SURE to complete all homework assigned by your teacher.

1. Bob McGraw made $230 in purchases on his credit card in November, and made no payments on his November statement. One month later he receives his December statement. If his credit card company charges 21% interest, how much interest will he be charged on his December statement?

2. Jane Dokowski's monthly statement shows a previous balance of $100. If she made a $50 payment, purchased $76.50 worth of goods and was charged $1.10 in interest, what is her new balance?

3. If Jane's minimum monthly payment is $10 or 5% of her balance, whichever is greater, find her minimum monthly payment.

Answers

1. $4.03
2. $127.60
3. $10.00