Assuming the APR on Your Credit Card Is 24 Percent

question 74

Multiple Choice

Assuming the APR on your credit card is 24 percent and your average daily balance this month was $8,000,what will your interest or finance charges for the month be?

• A)$1.92
• B)$240
• C)$192
• D)$160

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Definitions:

Freight Charges

The fees incurred for transporting goods from one location to another.

Double-declining-balance

A method of accelerated depreciation where an asset’s book value is reduced at double the rate of its straight-line depreciation.

Salvage Value

The anticipated worth of an asset upon its sale following the conclusion of its useful life.

Useful Life

The estimated period over which a fixed asset is expected to be usable for the purpose it was acquired.