Solve the Problem. -Erica Tomlinsonʹs Credit Card Company Determines Her Minimum Monthly Payment

question 156

Multiple Choice

Solve the problem.
-Erica Tomlinsonʹs credit card company determines her minimum monthly payment by adding all New interest to 2% of the outstanding principal. The credit card company charges an interest rate Of 0.04696% per day. On October 15, Erica uses her credit card to purchase a custom set of wheels And tires for her car for $1500. She makes no other purchases during October. Assuming Erica Had no new interest, determine Ericaʹs minimum payment due on November 1, her billing date.

• A) $42
• B) $30
• C) $31
• D) $41

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Definitions:

Definite Proportions

A principle stating that a chemical compound always contains its component elements in fixed ratio by mass and does not depend on its source and preparation method.

Relative Masses

A concept referring to how the mass of one particle or object compares to another, often used in chemistry to discuss the atomic mass of elements relative to the carbon-12 standard.

Dalton's Atomic Theory

A fundamental theory proposed by John Dalton in the early 19th century, postulating that elements are composed of indivisible and indestructible atoms which combine in chemical reactions to form compounds.

Whole Number Ratios

Describes the proportionate relationship between elements in a compound, represented by integers.