Due to Poor Spending Habits, Ricky Has Accumulated $5,000 in Credit

question 146

Multiple Choice

Due to poor spending habits, Ricky has accumulated $5,000 in credit card debt. He has missed several payments and now the annual interest rate on the card is 16.75 percent! If he pays $200 per month on the card, in total, how much interest expense does Ricky pay to the credit card company?

• A) $847.50
• B) $1,192.00
• C) $2,118.75
• D) $6,192.00

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Definitions:

Sterilized

refers to the process of making something free from bacteria or other living microorganisms, often used in medical and laboratory contexts.

Adolescence

The social and psychological state that occurs between the beginning of puberty and full adulthood.

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A type of cancer that arises from the skin, often due to overexposure to ultraviolet (UV) radiation, manifesting in various forms like melanoma, basal cell carcinoma, and squamous cell carcinoma.

Cervical

Relating to the cervix, which is the lower, narrow part of the uterus that opens into the vagina.