Fred Has a Credit Card Which Uses the Previous Balance

question 115

Multiple Choice

Fred has a credit card which uses the previous balance method and charges 21 percent annual interest compounded daily, and has a 30 day billing period. He put a $7900 expense on his card and could not pay it off until eight days after the due date when he received his paycheck. How much does he owe in total at that time?

• A)$8038.25
• B)$7936.36
• C)$8036.36
• D)Insufficient information

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Definitions:

Variances

Differences between planned or expected outcomes and the actual results, often used in statistical, financial, and operational analysis.

Interdisciplinary Team

A group of professionals from various fields working collaboratively towards a common goal, particularly in healthcare or research settings.

Student Nurse

A person engaged in the study of nursing, working towards attaining the qualification to become a registered nurse.

Medical Record

A comprehensive document containing a patient's medical history, treatment records, diagnoses, and other relevant healthcare information.