Assuming the APR on Your Credit Card Is 18% and Your

question 14

Multiple Choice

Assuming the APR on your credit card is 18% and your average daily balance this month was $10,000,what will your interest or finance charges for the month be?

• A)$180
• B)$60
• C)$150
• D)$1.50

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Definitions:

Production Function

A mathematical representation that explains how inputs in production are related to the goods or services produced.

Proportions

Ratios or fractions that express the relationship of one part to another or to the whole with respect to quantity, size, or amount.

Profit

The financial gain achieved when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Production Function

A mathematical expression that describes the relationship between input factors of production (like labor and capital) and the output of goods or services.