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

question 126

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, in total, how much interest expense does Ricky pay to the credit card company?

• A) $15,987.50
• B) $17,008.52
• C) $12,905.13
• D) $8,714.62

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Definitions:

Terminally Ill

Describes a person who has an illness that is incurable and expected to lead to death in a relatively short period of time.

End-Stage Death

A term often used to describe the final phase of a disease where death is inevitable and imminent.

Palliative Care

A specialized area of healthcare that focuses on relieving and preventing the suffering of patients in advanced illness stages.

Emotional Denial

A psychological defense mechanism where an individual refuses to accept reality or facts, thereby blocking external events from awareness.