ChargeIt

APR Quiz

Note

If you receive less than 7 questions right, you might want to review the APR section.

Please select one of the following options for the questions below.

1. What does the term APR stand for?

Accumulated Percentage Rate

Annual Percentage Rate

Adjusted Percentage Rate

Annual Payment Rate

2. APR has what purpose in regards to a credit card bill?

A measurement of available credit one has over the course of a year

A fixed method of payment that allows for lower monthly statements

A percent rate by which one will be charged interest for a balance

An accumulated percent of interest one incurs in a year's time

3. If you leave $50.00 on your card during one year's time and your APR is 10%, how much interest would you be charged (approximately)?

$5.00

$10.00

$12.00

$15.00

4. There are two indexes commonly used to calculate APR, Primate Rate is one what is the other?

WSR (Wall Street Rate)

FDIC (Federal Deposit Insurance Corporation)

FDOF (Federal Department of Finances)

LIBOR (London Interbank Offered Rate)

5. This form of APR can change quickly sometimes without your notice.

Fixed

Variable

Tiered

Default

6. This form of APR requires the credit card company to notify customers 15 days in advance of changes.

Fixed

Variable

Tiered

Default

7. A form of APR that changes based on one's balance in their account.

Fixed

Variable

Tiered

Default

8. According to sources like YoungMoney.com, this is often considered the most ideal form of APR.

Fixed

Variable

Tiered

Default

9. Your friend Joe asks your help as he ís looking over his statement. His rates have gone up because he failed to make timely payments. This is an example of what APR type?

Fixed

Variable

Tiered

Default

10. Tanya is always use to paying her low 5% APR but one month she charges more than usual (but still under her limit) to her card and suddenly her APR goes up. Based on what you have read, what APR types does Tanya have on this card?

Fixed

Variable

Tiered

Default