If You Have a $600 Balance on a Credit Card

question 94

Multiple Choice

If you have a $600 balance on a credit card that charges 17% interest compounded monthly, how
Long will it take that amount to reach $3,000 if you don't make any payments?

• A)9.53 years
• B)10.25 years
• C)114.41 years
• D)0.85 years

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Definitions:

Response Category

Preset answers or categories provided for a question in surveys or questionnaires, guiding respondents in their answers.

Probabilistic Generalization

The process of drawing broad conclusions based on the likelihood or probability derived from specific instances.

Logical Strength

The degree to which the premises of an argument support its conclusion, often determining its persuasiveness or validity.