Use of Financial Calculator TI BA II Plus Required

question 46

Multiple Choice

Use of Financial Calculator TI BA II Plus required. Your credit card had balances of $800 for 13 days, $600 for 5 days, and $650 for 12 days. At an effective rate of 1.5 percent interest per month (30 days) how much is the interest charge using the average balance method?

• A)$9.40
• B)$7.06
• C)$30.75
• D)$10.60

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Definitions:

Long Run

A period of time in which all factors of production and costs are variable, allowing companies to adjust to market changes.

Monopolistically Competitive

Refers to a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power.

Optimal Level

The optimal level signifies the most efficient, effective, or favorable point or degree for a specific goal or condition.

Deli Industry

A sector specializing in the preparation and sale of delicatessen products, such as ready-to-eat foods, sandwiches, and specialty meats.