Solve the Problem The Interest Rate on the Card Is 1

question 205

Multiple Choice

Solve the problem.
-On the November 6 billing date, Terry had a balance due of $455.76 on his credit card. The Transactions during the following month were: $$\begin{array} { l l r } \text { November } 8 & \text { Charge: tools } & \$ 51.46 \\\text { November } 9 & \text { Payment } & \$ 68.83 \\\text { November } 13 & \text { Charge: car repair } & \$ 232.85 \\\text { December } 3 & \text { Charge: internet charge } & \$ 30.26\end{array}$$
The interest rate on the card is 1.6% per month. Using the average daily balance method, find the Balance due on December 6 (November has 30 days) .

• A) $711.47
• B) $465.73
• C) $396.90
• D) $711.51

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Definitions:

Good Person Philosophy

A belief system that emphasizes the inherent goodness of individuals and the importance of moral and ethical behavior in personal development.

Right Choice

Making a decision or selection that is considered correct or most fitting based on circumstances or objectives.

Situational Ethics

An ethical theory that posits the morality of an action is determined by the context or situation, rather than by applying universal laws.

Immanuel Kant

An 18th-century German philosopher, known for his work in epistemology, ethics, and aesthetics, emphasizing duty, rationality, and the categorical imperative.