James Has a Credit Card with a Monthly Rate of 1.7

question 39

Multiple Choice

James has a credit card with a monthly rate of 1.7%. The account applies the unpaid balance method. His unpaid balance for the Feb billing cycle is $546.50. During the billing cycle he made purchases of $394.01, returned items for $40.44, and made a payment of $170.00. Find the new balance.

• A) $779.80
• B) $739.36
• C) $192.86
• D) $820.24

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Definitions:

Unilateral Mistake

A unilateral mistake occurs when only one party to a contract is mistaken about a basic assumption on which that party entered into the contract.

Mutual Mistake

A situation in contract law where all parties involved have a mistaken belief about a basic assumption on which the contract is based.

European Courts

Refers to the judiciary involved in interpreting and applying the law within the European Union, including the Court of Justice and the General Court.

Mistake Of Value

A misunderstanding about the significance, worth, or value of something involved in a contract, which may affect the validity of the contract.