Your Credit Card Had Balances of $800 for 13 Days,$600

question 22

Multiple Choice

Your credit card had balances of $800 for 13 days,$600 for 5 days,and $650 for 12 days.Assume an annual interest rate of 18 percent,30-day billing cycle and 20-day grace period.How much is the interest charge using the average daily balance method,if the credit card gets paid off five days after the statement due date?

• A)$1.74
• B)$8.71
• C)$12.20
• D)$19.17

---

Definitions:

Information

Data that has been processed or organized in a meaningful way that can be used for making decisions.

Quality Information

Information that is accurate, relevant, timely, and reliable, which is critical for effective decision-making processes.

Decision Making

The process of choosing among alternative courses of action to achieve a desired outcome.

Right Time

The most appropriate or optimal moment to perform an action, make a decision, or implement a strategy.