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03-04-2009, 12:54 PM
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Quiz: How savvy a consumer are you?
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 
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03-04-2009, 02:14 PM
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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?
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03-04-2009, 03:00 PM
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normally, i think the minimum payment is about 2% of the balance for most cards. It does vary by company, however...
__________________
"Praestantia per minutus" ... "Acta non verba"
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03-05-2009, 10:06 AM
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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.
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03-05-2009, 03:07 PM
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I missed 2,4,5 and 8. Not real savvy huh? I kinda guessed but would hopefully do the research beforehand in real life.
__________________
"Those who can't remember the past are condemmed to repeat it".- George Santayana.
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03-05-2009, 08:30 PM
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Quote:
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