It's April and Tamela's Credit Card Has a Balance of $1,200

question 53

Multiple Choice

It's April and Tamela's credit card has a balance of $1,200. The minimum payment due is $36. The APR is 24%. How much interest will she pay this month?

• A) $21.89.
• B) $22.48.
• C) $23.16.
• D) $23.76.

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Definitions:

Treasury Stock

Refers to shares that were once part of the outstanding shares and have been bought back by the company.

Cash Dividend

Cash payments issued to a certain category of stockholders out of a firm's profits, as resolved by the board of directors.

Shares Issued

The total number of shares that have been allocated and distributed to shareholders by a company, representing ownership in the company.

Stock Split

A corporate action that increases the number of shares in a company by dividing each share, which in turn reduces its price, making the stock more accessible to investors.