Ask Question
BusinessBusiness
12 September, 21:28

Which statements are true? a "periodic rate" breaks down the yearly cost into weekly periods. card issuers are not allowed to charge a fee when you use the card to obtain a cash advance a finance charge is a cost for the convenience of borrowing money?

+4
Answers (1)
  1. 13 September, 00:12
    0
    Option A and C are correct.

    Explanation:

    The reason is that the periodic rate can be used to calculate the weekly, per day or monthly rates for making of a meaningful decisions so the statement is correct.

    Furthermore, the card issuer are allowed to deduct the service cost because they are offering us the facility of extracting of cash from their cash extraction machines. So the statement is not correct.

    The finance charge is the cost of borrowing money from the lender which we pay them in the form of interest and hence is the cost for the convenience of borrowing money. So the statement is correct.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Which statements are true? a "periodic rate" breaks down the yearly cost into weekly periods. card issuers are not allowed to charge a fee ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Which of the following statements is MOST correct? A. Because the cost of debt is lower than the cost of equity, value-maximizing firms maintain debt ratios of close to 100%. B.
Answers (1)
Ricardo's Mexican Restaurant incurred salaries expense of $62,000 for 2018. The payroll expense includes employer FICA tax, in addition to state unemployment fax and federal unemployment tax.
Answers (1)
The wages paid to milkshake makers increases. Does the supply curve for milkshakes shift? If so, does it shift to the right or to the left?
Answers (1)
The type of uncertainty that is in operation when an entrepreneur takes a gamble on an as yet non-existent market is called ambiguity. True False
Answers (1)
The Coase theorem suggests that private parties a. can always negotiate to correct a negative externality. b. will never be able to negotiate to correct a negative externality. c.
Answers (2)
New Questions in Business
Longstreet Corporation's sales today are $10 million. Sales are expected to grow by $1 million in each of the next 5 years, so that sales in 5 years are expected to be $15 million.
Answers (1)
The Foreign Corrupt Practices Act (FCPA) makes it illegal for US citizens to bribe high ranking foreign officials to get new business. A violation can have a criminal penalty that involves up to five years in prison.
Answers (1)
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 240 units at $10 on January 1, (2) 480 units at $11 on January 8, and (3) 780 units at $12 on January 29.
Answers (1)
On March 1, 2021, Bearcat lends an employee $20,000. The employee signs a note requiring principal and interest at 9% to be paid on February 28, 2022. Record the adjusting entry for interest at its year-end of December 31.
Answers (1)
The rate of increase in saving is less than the rate of increase in income A. true B. false
Answers (1)
Home » Business » Which statements are true? a "periodic rate" breaks down the yearly cost into weekly periods. card issuers are not allowed to charge a fee when you use the card to obtain a cash advance a finance charge is a cost for the convenience of borrowing
Sign Up Forgot Password?