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

question 2

Multiple Choice

You have an $8000 balance on your credit card,which charges 12% interest annually (1% 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.

---

Definitions:

Opportunity Cost

The loss of potential gain from other alternatives when one option is chosen.

Studying Economics

The academic examination of how societies use resources to produce goods and provide services, including the analysis of production, consumption, and distribution.

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen, essentially what is forfeited when a particular course of action is selected over others.

Attending College

The act of enrolling in and going to a collegiate institution for higher education, often pursued to gain skills, knowledge, and qualifications for future employment.