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

Recognize the circumstances under which contracts can be void, voidable, or enforceable.

Identify the rights and obligations of minors in contract law.

Understand the legal implications of entering into contracts while intoxicated.

Know the effect of illegality and public policy on the enforceability of contracts.

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Definitions:

Short-Run Industry Supply

The total quantity of goods that firms in a particular industry are willing and able to sell at different prices in a short period, with some factors held constant.

Total Cost Function

The total cost function is a mathematical representation that shows how total costs of production vary with changes in output level.

Fixed Cost

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.

Marginal Costs

The increase in cost due to the production of one further unit of a product or service.