Question

Interest begins accruing on a _____ the day of the transaction. (1 point)

cash advance
charge card
credit card
purchase
2. A _____ is when a payment is credited to an account. (1 point)
due date
posting date
transaction date
payment date

Answer 1

1. Interest begins accruing on a ____ the day of the transaction.

A. Cash advance

2. A ____ is when a payment is credited to an account.

B. Posting Date

3. Suppose that your goal is to build a credit history by establishing a FICO score. How should you approach payments on a long term loan, such as an auto loan?

A. Pay the minimum amount required each bill.

Answer 2

The answers are the following:
1. Interest begins accruing on a cash advance the day of the transactionInterest is the amount of percentage of the money that should be paid by the debtor per period.
2. A posting date is when a payment is credited to an account. It is the date at which money is being transected from bank.