Solve the Problem The Interest Rate on the Card Is 1

question 208

Multiple Choice

Solve the problem.
-On the April 5 billing date, Danielle had a balance due of $48.61 on her credit card. The Transactions during the following month were: $\begin{array}{ll}\text { April } 7 \text { Charge: clothing } & \$ 109.68 \\\text { April } 8 \text { Payment } & \$ 23.81 \\\text { April } 22 \text { Charge: jewelry } & \$ 48.15 \\\text { April } 28 \text { Charge: vet } & \$ 274.67\end{array}$

The interest rate on the card is 1.3% per month. Using the previous balance method, find the new Balance on May 5.

• A) $463.24
• B) $481.74
• C) $457.93
• D) $25.43

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Definitions:

Marginal Cost Curve

A graphical representation that shows how the cost of producing one additional unit of a good varies as production volume changes.

Total Cost

Total Cost encompasses all expenditures incurred by a business in the production of goods or services, including fixed and variable costs.

Total Fixed Cost

The sum of all costs that remain constant regardless of the level of production or output.

Total Variable Cost

The sum of all costs that vary with the level of output produced by a company.