Solve the Problem The Interest Rate on the Card Is 1

question 133

Multiple Choice

Solve the problem.
-On the June 4 billing date, Maria had a balance due of $1956.47 on her credit card. The transactions During the following month were: $$\begin{array} { l r } \text { June } 7 \text { Payment } & \$ 140.36 \\\text { June } 28 \text { Charge: bus ticket } & \$ 174.83 \\\text { June } 29 \text { Charge: hotel } & \$ 60.75 \\\text { June } 30 \text { Charge: restaurant meal } & \$ 21.55\end{array}$$
The interest rate on the card is 1.8% per month. Using the average daily balance method, find the Balance due on July 4 (June has 30 days) .

• A) $2107.16
• B) $2247.41
• C) $2107.05
• D) $1849.92

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Definitions:

Aggregate Supply

The aggregate amount of products and services that companies in an economy intend to sell over a particular time frame.

Deficit

A financial situation where expenses exceed income or imports exceed exports.

National Debt

The total amount of money that a country's government has borrowed, by various means, to fund its expenditures beyond what it collects in taxes.

Decreasing Rate

A situation where the rate or speed of a process or value is diminishing over time.