Caprice Buys a Painting on His Credit Card for $14

question 86

Essay

Caprice buys a painting on his credit card for $14 990. She pays her credit card in full 3 days after the grace period of 11 days using her secured line of credit, which charges her prime (3%) plus 1%. She repays her loan in 168 days. If her credit card company charges her a rate of 28% after the grace period, what is the total amount of interest paid on the purchase of the painting?

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Definitions:

Vocational Training

Education or training focused on teaching the skills necessary for a specific job or career path.

Financially Independent

The state of having sufficient personal wealth to live, without having to work actively for basic necessities. For individuals, financial independence means the freedom to make life decisions without being overly stressed about financial constraints.

Diversity Training

Educational programs focused on improving participants' understanding, respect, and interaction with different cultures and demographics within the workplace.

Hierarchical Approach

A method of organization or structure where elements are ranked or arranged according to levels of importance or authority.