Aussie Maths & Science Teachers: Save your time with SmarterEd
Ali has a credit card which has no interest-free period. Interest is charged at 13.5% per annum, compounding daily, on the amount owing.
During the month, Ali made only one purchase of $450 using the credit card. The full amount owing was repaid 21 days later.
Blake opens a new credit card account on 1 May. He uses it, for the first time, on 4 May to buy concert tickets for $850.
He makes no further purchases or repayments during the month of May.
A statement for the credit card is issued on the last day of each month.
The statement for May shows that interest is charged at 19.75% per annum, compounding daily, from 20 May (included) until 31 May (included).
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Nisa has a credit card on which interest at 17% per annum, compounded daily, is charged on the amount owing.
At the beginning of the month, Nisa owes $500 on her credit card. She makes no other purchases using the credit card, but fifteen days later, she repays $250.
Assuming that interest is charged for the fifteen days, calculate the amount owing on the credit card immediately after the $250 payment is made. (3 marks)
Ashley has a credit card with the following conditions:
Ashley's credit card statement for April is shown, with some figures missing.
The minimum payment is calculated as 2% of the closing balance on 30 April.
Calculate the minimum payment. (3 marks)
Yanika opens a new credit card account, with interest and fees as shown.
Interest
Fees
Yanika makes a single purchase of $849 with the credit card.
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What is the balance owing on the credit card immediately after her repayment is made and the repayment fee has been charged? (1 mark)
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Ariana is charged compound interest at the rate of 0.036% per day on outstanding credit card balances. She has $780 outstanding for 24 days.
How much compound interest is she charged?
On 20 August, tickets were purchased for $425 using a credit card. No other purchases were made using this card in August. Compound interest was charged daily at a rate of 18.25% per annum. There was no interest‑free period. The period for which interest was charged included the date of purchase and the date of payment.
What amount was paid when the account was paid in full on 31 August? (2 marks)
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In June, Ms Bigspender received a statement for her credit card account.
The account has no interest-free period. Compound interest is calculated daily and charged to her account on the statement date.
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Kerry has a credit card. She is charged 0.05% compound interest per day on outstanding
balances.
How much interest is Kerry charged on an amount of $250, which is outstanding on her
credit card for 30 days?
In July, Ms Alott received a statement for her credit card account. The account has no interest free period. Compound interest is calculated daily and charged to her account on the statement date.
What is the minimum payment due on this account?
A television was purchased for $2100 on 12 April 2011 using a credit card. Compound interest was charged daily at a rate basis 19.71% per annum for purchases on this credit card. There were no other purchases on this credit card account.
There was no interest-free period. The period for which interest was charged included the date of purchase and the date of payment.
What amount was paid when the account was paid in full on 20 May 2011?
Heather used her credit card to purchase a plane ticket valued at $1990 on 28 January 2011. She made no other purchases on her credit card account in January. She paid the January account in full on 19 February 2011.
The credit card account has no interest free period. Compound interest is charged daily at the rate of 21.9% per annum, including the date of purchase and the date the account is paid.
How much interest did she pay, to the nearest cent? (2 marks)
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