If a Credit Card Company Has a 20-Day Grace Period

question 10

Multiple Choice

If a credit card company has a 20-day grace period and an interest rate of 20 percent, how much interest will be charged on a $5000 balance which gets paid 40 days after the due date using the average daily balance method?

• A)$164.38
• B)$109.59
• C)$126.69
• D)$83.33

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Definitions:

Wolf Spiders

A family of spiders known for their hunting skills and how they carry their young on their backs, not relying on webs for catching prey.

Carnivorous Sundew

A type of plant that captures and digests insects and other small animals with sticky, glandular leaves as a means to obtain nutrients from its environment.

Exploitative Competition

A form of competition in which organisms indirectly compete with each other by consuming shared resources.

Species Richness

A measure of the number of different species present in an ecological community, reflecting its biodiversity.