Mike Has a MasterCard with an Annual Fee of $25

question 21

Multiple Choice

Mike has a MasterCard with an annual fee of $25, an 18% interest rate, and a $1,000 credit limit. He always pays the total outstanding balance monthly. His most recent monthly statement lists the previous month's payment, new charges in the current month totaling $1,500, and a $30 fee. The fee is most likely the result of:

• A) interest charges.
• B) his annual fee.
• C) an over-the-limit fee.
• D) a late payment.
• E) transaction fees on purchases.

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Definitions:

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An advanced course of study beyond the undergraduate degree, typically leading to a master's or doctoral degree.