14 Questions

Questions and Answers

- 1.Promotions are applied to a customers last payment
- A.
True

- B.
False

- 2.
- 3.
- A.
19%-36%

- B.
36%-60%

- C.
26%

- D.
24%

- 4.You can decrease a customers credit limit; additionally, by decreasing the credit limit of a legacy MD LOC the minimum monthly charge will also decrease.
- A.
True

- B.
False

- 5.A customer had a promotion added to his account when he applied for the loan. His first payment was made today on time; however, he's wondering why it wasn't applied to his payment. When will the promotion be applied to the balance of the customer's loan?
- 6.The minimum payment on the statement is $43.42. Is this amount correct? If not what should it be?State: KansasCredit Limit: 2000Available Credit $1.00APR: 95%Balance Subject to Interest Rate: 677.42Days in Billing cycle: 31Answer Example: Yes or No, 100.65
- 7.The minimum payment on the statement is $285.08. This amount is incorrect. How much did the customer over-pay after making this payment?State: KansasCredit Limit: 2000Available Credit 15.98APR: 85%Balance Subject to Interest Rate: 1938.47Days in Billing cycle: 31Past Due Amount: 10.21Answer Example: 100.16
- 8.The minimum payment on the statement is $267.11. Is this amount correct? If not what should it be?State: VirginiaCredit Limit: 4800Available Credit 38.69APR: 60%Balance Subject to Interest Rate: 4307.45Days in Billing cycle: 31Answer Example: Yes or No, 100.65
- 9.The minimum payment on the statement is $201.29. Is this amount correct? If not what should it be?State: Maryland (legacy)Credit Limit: 4500Available Credit 3500Balance Subject to Interest Rate: 2762.28Days in Billing cycle: 31Minimum Monthly Charge: 135Answer Example: Yes or No, 100.65
- 10.Calculate the cash advance fee on the OCTOBER STATEMENTState: Maryland (new)Draw fee percentage: 15%Draws made:6/9: 32006/12: 4006/30: 2009/15: 30010/9: 100
- 11.What is the principal paydown percentage for this customer?State: Maryland (new)Credit Limit: 4000Available: 218.14
- A.
100% - 3%

- B.
90%-99% - 3.5%

- C.
80%-89% - 4%

- D.
70%-79% - 4.5%

- 12.The minimum payment on the statement is $237.70. Is this amount correct? If not what should it be?State: Maryland (new)Credit Limit: 4000Available Credit 218.14Balance Subject to Interest Rate: 3854.33Days in Billing cycle: 31Cash advance fee: 26.25Principal Paydown Percentage: 3.5%Answer Example: Yes or No, 100.65
- 13.Calculate this customer's payoff:State: Maryland (new)Total cash advance fees to date: 98.12Total of draws made: 4200Draw fee percentage: 15% Payoff in portal: 3919.14
- 14.A LOC customer wants to payoff their loan, you advise them that the payoff will consist of 2 payments. Select most appropriate response describing the separate payments.
- A.
The first portion will be the principal portion the second is interest and fees

- B.
Usually it would be 2 payments but we can just schedule it all as one payment

- C.
The first portion is the principal balance along with any unpaid fees and interest charges from the previous statement. The second portion is the remaining interest and fees for the current billing period.

- D.
The first portion is the principal the second portion is a fee for closing the credit line