Christopher has a credit card with an APR of 13. 13%. The card uses the adjusted balance method to calculate finance charges. The following table details Christopher’s transactions with his credit card in the month of December. Date Amount ($) Transaction 12/1 424. 86 Beginning balance 12/3 55. 25 Payment 12/5 78. 10 Purchase 12/14 20. 00 Payment 12/16 27. 97 Purchase 12/22 8. 16 Purchase 12/29 46. 07 Purchase If Christopher is on a 30-day billing cycle, what will his new beginning balance be after December? a. $509. 91 b. $349. 61 c. $353. 44 d. $513. 74 Please select the best answer from the choices provided A B C D.

Biochemical corp. requires $600,000 in financing over the next three years. the firm can borrow the funds for three years at 10.80 percent interest per year. the ceo decides to do a forecast and predicts that if she utilizes short-term financing instead, she will pay 7.50 percent interest in the first year, 12.15 percent interest in the second year, and 8.25 percent interest in the third year. assume interest is paid in full at the end of each year. a)determine the total interest cost under each plan. a) long term fixed rate: b) short term fixed rate: b) which plan is less costly? a) long term fixed rate plan b) short term variable rate plan