Due to Poor Spending Habits, Ricky Has Accumulated $10,000 in Credit

question 37

Multiple Choice

Due to poor spending habits, Ricky has accumulated $10,000 in credit card debt. He has missed several payments and now the annual interest rate on the card is 18.95 percent! If he pays $175 per month on the card, how long will it take Ricky to pay off the card?

• A) 121.5 months
• B) 148.50 months
• C) 162.5 months
• D) Ricky never pays off the card.

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Definitions:

Predeparture Training

Training provided to employees before they go on international assignments, focusing on cultural, language, and operational aspects of the host country.

Foreign Assignment

An organizational practice in which an employee is sent abroad to work at a different location or branch of the same company, aiming to gain global experience and insights.

Customers

Individuals or entities that purchase goods or services from a business, essential for the business's success.

Foreign Countries

Foreign countries refer to nations other than one's own, emphasizing the international context in discussions of trade, diplomacy, cultural exchange, and global operations.