You Have an Average Outstanding Balance on Your Credit Card

question 122

Multiple Choice

You have an average outstanding balance on your credit card of $1,000.Which of the following would be your best choice for minimizing the cost of credit?

• A)Annual fee of $25 and 10% on the outstanding balance
• B)Annual fee of $10 and 12% on the outstanding balance
• C)No annual fee and 15% on the outstanding balance
• D)Annual fee of $50 and 8% on the outstanding balance

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Definitions:

Employer-provided

Benefits or services provided to employees by their employers, often including insurance, retirement plans, or subsidies.

Private Health Insurance

Health insurance plans provided by private entities rather than the government, offering coverage for health care expenses to individuals and families.

Elective Surgical Procedure

A non-emergency surgery chosen by the patient, often for improvement rather than necessity.

Equilibrium Price

Equilibrium Price is the market price at which the quantity of goods supplied is equal to the quantity of goods demanded.