Credit Card Costs Calculation

What was the total cost for using James' credit card for the year?

a. $40

b. $40 + 3% of $335.81

c. $40 + $13.85 + $5.92 + $2.63 + $1.81

d. $40 + 3% of $335.81 + $13.85 + $5.92 + $2.63 + $1.81

Answer:

The total cost for using James' credit card for the year is the sum of the annual membership fee, the balance transfer fee, and the finance charges, which adds up to $74.2843. Thus, the answer is d. $40 + 3% of $335.81 + $13.85 + $5.92 + $2.63 + $1.81.

The total cost for using James' credit card for the year can be calculated by adding up all the fees he paid: an annual membership fee, a balance transfer fee, and several finance charges.

The annual membership fee is $40. The balance transfer fee is 3% of $335.81, which equals $10.0743 (because $335.81 * 3/100 = $10.0743). The finance charges are $13.85, $5.92, $2.63, and $1.81. When added together they amount to $24.21.

The sum of all these costs will give us the total cost for the year: $40 (membership fee) + $10.0743 (balance transfer fee) + $24.21 (finance charges) = $74.2843. Thus, the answer is d. $40 + 3% of $335.81 + $13.85 + $5.92 + $2.63 + $1.81