Bana Received Scotiabank American Express (Amex)gold Card, Where the Interest

question 22

Multiple Choice

Bana received Scotiabank American Express (Amex) gold card, where the interest is charged at 18.9% per annum. The bill is issued on 16th of every month and is due on 4th of next month. She used her Amex card for the following transactions in the month of July: July 1 Purchased some fireworks for Canada Day for a total of $67.35
July 4 Across the US border, took a cash advance worth $124.79 Canadian
July 10 Booked a return flight to Calgary for $587
July 15 Purchased some food at the airport for $12.97
The minimum payment due is greater of $20 or 2% of the outstanding balance on the billing day. She intends to pay the minimum amount on August 4 and pay the rest on August 11. How much must she pay on August 11?

• A)$793.73
• B)$794.11
• C)$774.11
• D)$776.92

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Definitions:

Manufacture Units

The process of converting raw materials into finished goods on a large scale, measured by units produced.

Least-squares Regression

A statistical method used to determine the line of best fit by minimizing the square of the differences between observed values and values predicted by a linear function.

Cost Formula

An equation used to calculate the total cost, combining both fixed and variable costs, often used in cost accounting.

Repair Cost

The expense incurred to fix or restore equipment, machinery, or property to its operational condition.