Fred Has a Credit Card Which Uses the Average Daily

question 77

Multiple Choice

Fred has a credit card which uses the average daily balance method,has a 30-day billing period,a 21-day grace period and charges 21 percent annual interest calculated (but not compounded) daily.His average daily balance for the billing period was $7900,and he could not pay it off until received his pay cheque eight days after the statement due date.How much interest does he owe?

• A)$268.17
• B)$172.72
• C)$136.36
• D)$36.36

Comprehend the structure-function relationship in the exoskeleton of ecdysozoans and its role in protection and movement.

Identify the distinctive life cycles and ecological roles of nematodes in natural ecosystems.

Understand the evolutionary adaptations of arthropods that contribute to their diversity and survival.

Understand the concept of buffer solutions and their role in resisting changes to pH.

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Definitions:

Accounts Payable

Money owed by a company to its creditors for goods and services that have been delivered but not yet paid for.

Enter Bills Window

A feature in accounting software where users can input and manage bills they need to pay to suppliers or service providers.

Checking Account

A bank account from which payments can be ordered by the account holder, typically used for day-to-day financial transactions.

Accounts Payable Aging

A report that categorizes a company's accounts payable according to the period of time an invoice has been outstanding, helping to manage debts effectively.