Use of Financial Calculator TI BA II Plus Required

question 122

Multiple Choice

Use of Financial Calculator TI BA II Plus required. You have $26 in creditors insurance, which is debited to your card monthly to cover payments if you are disabled. You charged $800 to your card last month and you paid $400 on your account. What will be the credit charge at 1.75 percent per month using the adjusted balance method?

• A)$2.98
• B)$14.00
• C)$7.00
• D)$7.46

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Definitions:

Insurance Contract

A legally binding agreement between an insurer and the insured, outlining the terms for the insurer to compensate the insured for specific losses or damages.

Breach of Contract

Occurs when one party in a binding agreement fails to fulfill their obligations without a legitimate legal excuse.

Obligations

Duties or responsibilities enforced by law, contract, or a sense of duty that compel someone to act or refrain from acting in a certain manner.

Disability

A physical or mental condition that significantly restricts one's ability to perform one or more major life activities.