The March 1 Unpaid Balance in an Account Was $229

question 20

Multiple Choice

The March 1 unpaid balance in an account was $229. On March 5, a payment of $80 was made. The interest rate per month was 1.7% per month of the average daily balance. Find the new balance at the end of March.

• A) $150.70
• B) $176.08
• C) $151.63
• D) $151.71

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Definitions:

Months

Units of time, approximately 30 or 31 days long (except February), used in calendars to divide the year.

Years

Units of time that represent a duration of approximately 365 days, used as a measure of time passing.

Discretionary Policy

A type of fiscal or monetary policy that involves non-automated, active decisions by policymakers to influence economic conditions.

Time Lag

The delay between the cause or initiation of an event and its effect or outcome, often used in the context of economic policy impacts.