A Credit Card Bill Shows a Balance Due of $1200

question 55

Multiple Choice

A credit card bill shows a balance due of $1200 with a minimum payment of $24 and a monthly interest rate of 1.44%. What is the EAR?

• A) 17.28%
• B) 18.72%
• C) 19.44%
• D) 21.26%

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Definitions:

Flexible Source

A supply chain strategy that allows for the procurement of goods and services from multiple suppliers, enhancing adaptability and reducing dependency on single sources.

Forecast Accuracy

The degree to which a prediction or estimate corresponds to actual outcomes, often measured in the context of demand planning and supply chain management.

Overstocked Quantity

This term refers to an excessive amount of inventory beyond what is needed or can be sold, potentially leading to increased carrying costs and reduced efficiency.

Firm's Profits

The earnings of a company after all expenses and taxes have been subtracted from revenue, indicative of financial health and performance.