You Have an $8000 Balance on Your Credit Card,which Charges

question 24

Multiple Choice

You have an $8000 balance on your credit card,which charges 18% interest annually (1.5 per month) .If you can afford to pay $100 per month,how many months will it take to pay the credit card in full?

• A)170 months
• B)14 months
• C)162 months
• D)You will never get the card paid off at that rate.

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Definitions:

Explicit Cost

Direct, out-of-pocket payments for goods or services used in the production of a product.

Migration

The movement of people from one geographical area to another, often for the purpose of settling temporarily or permanently.

Labor Migration

The movement of workers from one region or country to another in order to find employment or pursue better economic opportunities.

Migrant Workers

Individuals who move from one region or country to another to seek employment opportunities, often in temporary or seasonal jobs.