As of November 14, Ben Has an Outstanding Credit Card

question 49

Multiple Choice

As of November 14, Ben has an outstanding credit card balance of $1,100 from purchases made over the past month. The new billing period begins on November 15. Assume Ben's outstanding balance for the first 15 days of this new billing period (Nov. 15-29) is $1,100. Then on November 29, the financial institution receives a payment of $600 from Ben, reducing his balance to $500. This is the balance for the remaining 15 days. Using the adjusted balance method and a monthly interest rate of 2.5%, Ben's finance charge would be

• A) $15.00.
• B) $12.50.
• C) $27.50.
• D) $20.00.

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Definitions:

Business Suit

A set of garments, typically including a jacket and trousers or a skirt, worn in professional settings.

Patterned Hose

Hosiery that has decorative designs, such as stripes, dots, or other motifs, woven into or printed on the fabric.

Nervous Mannerism

Behaviors or actions displayed by individuals when they are anxious or stressed.

Verbal Spacers

Filler sounds or words, such as "um," "like," or "you know," used by speakers during conversation to pause for thought without breaking the flow of speech.