Due to Poor Spending Habits,Ricky Has Accumulated $10,000 in Credit

question 159

Multiple Choice

Due to poor spending habits,Ricky has accumulated $10,000 in credit card debt.He has missed several payments and now the annual interest rate on the card is 18.95 percent! If he pays $175 per month on the card,how long will it take Ricky to pay off the card?

• A)121.5 months
• B)148.50 months
• C)162.5 months
• D)Ricky never pays off the carD.PV = 10000; PMT = -175; I = 18.95/12; FV = 0; => N = 148.50

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Definitions:

Appropriation

In tort law, the use by one person of another person’s name, likeness, or other identifying characteristic without permission and for the benefit of the user.

Tort

A civil wrong that causes a claimant to suffer loss or harm, resulting in legal liability for the person who commits the tortious act.

Tort Suits

Legal actions for redressing injuries or damages not arising out of contractual obligations.

Private Wrongs

Acts or omissions that cause harm or injury to specific individuals or entities, leading to civil legal actions.