Solve the Problem The Interest Rate on the Card Is 1

question 130

Multiple Choice

Solve the problem.
-On the April 25 billing date, Malcolm had a balance due of $1507.63 on his credit card. The Transactions during the following month were: $$\begin{array} { l l r } \text { April 26} &\text {Payment } & \$ 155.83 \\\text { April 30 } & \text { Charge: lawnmower } & \$ 214.56 \\\text { May 3 } & \text { Charge: gift } & \$ 79.46 \\\text { May 7 } & \text { Charge: furniture } & \$ 611.63\end{array}$$
The interest rate on the card is 1.7% per month. Using the average daily balance method, find the Balance due on May 25 (April has 30 days) .

• A) $2283.08
• B) $2291.64
• C) $2290.79
• D) $1540.97

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Definitions:

Life Expectancy

The average period that an individual is expected to live, based on statistical averages of age, national health standards, and other factors.

Age-Sex Pyramid

A demographic tool that represents the distribution of a population by age and sex, typically used to illustrate population growth, composition, and potential future changes.

Total Fertility Rate

The average number of children a woman is expected to have during her lifetime, given current birth rates.

Industrialization

The process by which an economy is transformed from primarily agricultural to one based on the manufacturing of goods, characterized by technological innovation and the development of complex industrial systems.