Michael Has a Credit Card Debt of $75,000 That Has

question 91

Multiple Choice

Michael has a credit card debt of $75,000 that has a 12% APR, compounded monthly. The minimum monthly payment only requires him to pay the interest on his debt. He receives an offer for a credit card with an APR of 4% compounded monthly. If he rolls over his debt onto this card and makes the same monthly payment as before, how long will it take him to pay off his credit card debt?

• A)112 months
• B)113 months
• C)120 months
• D)122 months

Articulate the role of cultural and legal systems in the structure of marriage and family.

Understand the definition and purpose of a business plan.

Recognize the role and types of financing available to small businesses.

Comprehend how small businesses impact the U.S. economy.

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Definitions:

Farmers' Market

A designated market space where local farmers and vendors sell their produce and goods directly to consumers.

Global Markets

The international exchange of goods, services, and finances, characterized by global competition, pricing, and product availability.

Economy

The system of production, distribution, and consumption of goods and services within a particular geographic region.

Climate Change

The alteration in global or regional climate patterns, attributed significantly to the increased levels of atmospheric carbon dioxide produced by the use of fossil fuels.