You Spend $1,000 on Your Credit Card and the Minimum

question 8

Multiple Choice

You spend $1,000 on your credit card and the minimum payment is $10 a month.If you pay double the minimum payment,what will happen?

• A) You will pay the debt off more quickly
• B) You will end up in perma-debt
• C) You will eventually pay off the debt
• D) None of these

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Definitions:

Convertibility

The ease with which one currency can be exchanged for another, indicating how freely a country's currency can be traded on the international market.

Tax Levied

Refers to the imposition of taxes by a governing authority on individuals, corporations, or properties to generate revenue for public expenditures.

Quota

A government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a specific time frame.

Tariff

Tariff is a tax imposed by a government on goods and services imported from other countries to protect domestic industries or generate revenue.