Assume You Have a Balance of $3200 on Your Credit $\$ 174.02 ; \$ 6264.60$

question 137

Multiple Choice

Assume you have a balance of $3200 on your credit card that you want to pay off. Calculate your monthly payment andtotal payment under the given conditions. Assume you make no additional charges to the card.
-The credit card APR is 18% and you want to pay off the balance in 3 years.

• A) \(\$ 174.02 ; \$ 6264.60\)
• B) \(\$ 115.69 ; \$ 4164.76\)
• C) \(\$ 138.98 ; \$ 5003.30\)
• D) \(\$ 99.08 ; \$ 3566.93\)

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Definitions:

COGS

The Cost of Goods Sold represents the direct expenses related to the production of goods that a company sells.

Accounts Payable

Amounts a company owes to suppliers for goods or services acquired on credit.

Cost of Goods Sold

Directly incurred costs for the production of goods a company sells, encompassing both materials and workforce expenses.

Cash Cycle

is the period between the outflow of cash for raw materials and the inflow of cash from selling goods or services, indicating the efficiency of a company's operations.