You Have a Credit Card on Which Your Balance for the First

question 52

Multiple Choice

You have a credit card on which your balance for the first day after the grace period is $400. On the tenth day of the billing period you took out a cash advance of $500. Your card charges 19 percent on balances outstanding and begins calculating interest on cash advances immediately. What is your total interest due on the thirtieth day of the billing period (when the next statement is produced) ?

• A)$10.85
• B)$10.24
• C)$14.05
• D)$11.46

---

Definitions:

Lattice Structure

The regular, repeated three-dimensional arrangement of atoms, ions, or molecules in a metal or other crystalline solid.

Oxidized

A chemical change in which a substance loses electrons, often associated with the addition of oxygen or the loss of hydrogen.

Chemical Reaction

A process that leads to the transformation of one set of chemical substances to another through the making and breaking of bonds between atoms.

Rust

A type of fungal disease that affects plants, causing reddish-brown spots, or the oxidation of iron and its alloys resulting in reddish-brown flaking coatings.