On October 1ˢᵗ Joe Charged $900 to His Credit Card

question 97

Multiple Choice

On October 1ˢᵗ Joe charged $900 to his credit card, on October 10ᵗʰ he charged another $1300 to his credit card, and on October 15ᵗʰ he charged an additional $100. His credit card charges him an Annual Percentage Rate (APR) of 18% compounded monthly. Using the Average Daily Balance Method calculate Joe's finance charge for the month of October.

• A) $7.12
• B) $28.16
• C) $212.36
• D) $523.14
• E) None of the above are correct answers.

Select the appropriate digital media tool for specific communication tasks.

Realize the importance of crafting messages suitable for specific digital platforms.

Appreciate the role of concise, impactful messages in social media contexts.

Understand the role and applicability of compositional modes in electronic media.

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Definitions:

Income Taxes

Taxes that individuals or entities pay on the money they earn over a certain period, typically a year.

Annually Balanced Budget

A financial statement showing that projected government revenues equal expected expenditures on an annual basis.

Destabilize

To cause a system, situation, or environment to become unstable or out of balance.

Economy

The large set of interrelated production, consumption, and exchange activities that aid in determining how scarce resources are allocated.