Credit Literacy Quiz
1. If you put $1,000 on a credit card and only pay the minimum (2.5 percent) each month at a 21 percent interest rate, how long will it take you to pay it off?
- Five months
- Three years
- 16 years (Correct Answer)
2. If you put $1,000 on a credit card and only pay the minimum (2.5 percent) each month at a 21 percent interest rate, how much will you have paid in interest alone?
- $432
- $1,000
- $1,694 (Correct Answer)
3. If you are late on a credit card payment, go over your credit limit or miss a payment, which of these are possible?
- You will not be able to rent an apartment.
- You will not get hired for a job.
- You will not be able to get a cell phone or a student loan.
- All of the above (Correct Answer)
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