Solve the Problem. -The Unpaid Balance in an Account at the Beginning of the Beginning

question 64

Multiple Choice

Solve the problem.
-The unpaid balance in an account at the beginning of December was $222. A payment of $70 was made on December 20. No new purchases were made in December. The finance charge rate was
1.1% per month of the average daily balance. Find the new balance at the end of December.

• A)$173.44
• B)$153.10
• C)$154.09
• D)$154.14

---

Definitions:

Issued

Refers to securities that have been distributed to investors, typically shares of stock or bonds that the company has sold to the public.

Face Amount

The nominal value of a security stated by the issuer, which is the amount to be repaid at maturity.

Sold

Refers to the completion of a transaction where goods or services are exchanged for payment.

Issuance

The process of offering new securities, such as stocks or bonds, to the public for the first time.