Bradley Currently Has a Visa Card from His Bank with the Following

question 41

Multiple Choice

Bradley currently has a Visa card from his bank with the following terms: 21 percent on purchases, 25 percent on cash advances with a 3 percent cash-advance fee on the amount, and a default or penalty rate of 33 percent. His current statement shows a balance of $9,000. Lately, he has been having a hard time paying more than the minimum payment of 3 percent of his balance.
-What is the current APY on this credit card?

• A) 21 percent
• B) 22.99 percent
• C) 23.14 percent
• D) 24 percent

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Definitions:

Sampling Distribution

The likelihood distribution of a statistic, achieved by drawing numerous samples from a certain population.

Spread

In statistics, it refers to the range of a data set, which shows the extent to which numerical values differ from each other.

Center

In statistics, the central point of a data set, around which a whole dataset is distributed, usually measured as mean or median.

Incentive

Something that motivates or encourages someone to do something or to work harder.