Quiz: How savvy a consumer are you?

sweeps · #1 (**permalink**) 03-04-2009, 12:54 PM

We live in a world that grows ever more complicated. Simple transactions are no longer simple. It’s not easy to be a savvy consumer. To celebrate National Consumer Protection Week, I, ConsumerMan Herb Weisbaum, have put together a little quiz to test your consumer smarts.

MSNBC Quiz

sweeps · #2 (**permalink**) 03-04-2009, 12:54 PM

I scored 9 out of 10.

Joan.of.the.Arch · #3 (**permalink**) 03-04-2009, 02:14 PM

1. You have a credit card with a 16 percent APR interest rate. If you only make the minimum payment, how long will it take to pay off a $5,000 balance?

First, is there some standardization as to how the minimum payment itself is calculated? What is the minimum payment in the above?

kork13 · #4 (**permalink**) 03-04-2009, 03:00 PM

normally, i think the minimum payment is about 2% of the balance for most cards. It does vary by company, however...

Cassandra · #5 (**permalink**) 03-05-2009, 10:06 AM

I got 8 out of 10. Missed the one on how long a bankruptcy stays on file and how much you would have after 30 years if you saved $200/month.

GREENBACK · #6 (**permalink**) 03-05-2009, 03:07 PM

I missed 2,4,5 and 8. Not real savvy huh? I kinda guessed but would hopefully do the research beforehand in real life.

Angio333 · #7 (**permalink**) 03-05-2009, 08:30 PM

Quote:

Originally Posted by Cassandra

I got 8 out of 10. Missed the one on how long a bankruptcy stays on file and how much you would have after 30 years if you saved $200/month.

I got 8 out of 10 too, and missed the same questions.