Quiz: How savvy a consumer are you?

[sweeps]

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]

I scored 9 out of 10.

[Joan.of.the.Arch]

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]

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

[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.

[GREENBACK]

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]

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.