You Have a Credit Card on Which Your Beginning Balance

question 85

Multiple Choice

You have a credit card on which your beginning balance for the month was $400.On the 10th of the month you took out a cash advance of $500.During the month you made purchases of $250.Assuming that the interest rate on purchases is 15% (1.25% per month) ,the rate on cash advances is 18% (1.5% per month) ,and there is a 1% fee on all cash advances,what would you have to pay to pay off your account if your due date is the 30th of the month.

• A) $1,165.00
• B) $1,222.50
• C) $1,305.00
• D) $1,342.50

---

Definitions:

International Comparisons

The practice of comparing data, policies, economies, or other aspects between different countries to understand global trends and differences.

Educational Prowess

Refers to exceptional skill or expertise in the domain of education, often implying successful teaching and learning practices.

Social Progress

Refers to the improved social conditions, justice, and quality of life within a society.

Cultural Capital

The non-financial social assets that promote social mobility beyond economic means, such as education, intellect, style of speech, and dress.