If You Take the Maximum Length of Time to Pay

question 106

Multiple Choice

If you take the maximum length of time to pay off a credit card, at a rate of 18.5%, how many years will it take to pay the debt off? Select the closest whole number of years and a minimum payment of 1/36 or $20, whichever is greater.

• A)5
• B)8
• C)11
• D)15
• E)20

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Definitions:

Supply And Demand Graph

A visual representation used in economics to show the relationship between the supply of products and the demand for them.

Public Good

A product or service that is non-excludable and non-rivalrous, meaning it can be used by anyone without diminishing its availability to others.

Allocative Efficiency

The apportionment of resources among firms and industries to obtain the production of the products most wanted by society (consumers); the output of each product at which its marginal cost and marginal benefit are equal, and at which the sum of consumer surplus and producer surplus is maximized.

Marginal Costs

The additional cost incurred by producing one more unit of a good or service, crucial for making production and pricing decisions.