Calculate the Cost to You,per Month in Interest,if Your Income

question 17

Multiple Choice

Calculate the cost to you,per month in interest,if your income last month was $2,000,expenses were $2,500,and your shortage was covered on a credit card charging 24% per year simple interest for cash advances?

• A)$5
• B)$7
• C)$9
• D)$10

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Definitions:

Payment

The transfer of money or goods in exchange for a product or service.

Verifiability

The quality of information that different observers could broadly agree the information is a faithful representation, thus helping assure users that information faithfully represents the economic phenomena it purports to represent.

Conclusions

The final part of a document or process in which findings, decisions, or proposals are summarized or resolved.