The Unpaid Balance in an Account at the Beginning of December

question 29

Multiple Choice

The unpaid balance in an account at the beginning of December was $176. A payment of $55 was made on December 23. The interest rate per month was 1.6% per month of the average daily balance. Find the new balance at the end of December.

• A) $123.56
• B) $122.60
• C) $146.61
• D) $123.50

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Definitions:

Competitive Inhibition

Binding of a substance (the competitive inhibitor) to the active site of an enzyme, thus lowering the rate of the reaction catalyzed by the enzyme. Compare with noncompetitive inhibition.

Allosteric Site

A site on an enzyme other than the active site, where binding of a molecule can change the enzyme's activity, often regulating its function.

Inhibitor

A substance that slows down or stops a chemical reaction or a biological process.

Chemical Processes

A series of chemical reactions or operations designed to bring about a specific chemical change or to produce a chemical product.