The Maximum Dollar Amount That Can Be Borrowed Using the Cash

question 83

Multiple Choice

The maximum dollar amount that can be borrowed using the cash advance provision on a credit card is called the:

• A)ceiling.
• B)finance charge.
• C)interest rate.
• D)emergency fund.
• E)rate of return.

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Definitions:

Delegation

The act of assigning responsibility or authority from one person or group to another person or group.

Promisee

In a third-party beneficiary contract, the party to the contract who owes something to the promisor in exchange for the promise made to the third party.

Principal

The initial sum of money that is invested or lent, used as the foundation for calculating interest and returns.

Assignor

An individual or entity that transfers the rights or interests of a contract to another party, known as the assignee.