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:

Long Run

A period in economics where all factors of production and costs are variable, allowing companies to adjust to market demands.

Prices

The amount of money required to purchase a good or service, serving as a signal for scarcity and demand in the market.

Unemployment

The condition of being jobless and actively seeking employment.

Phillips Curve

An economic concept illustrating an inverse relationship between rates of unemployment and rates of inflation within an economy.