Mike has a MasterCard with an annual fee of $25,18% interest,and a $1,000 credit limit.He always pays the total outstanding balance monthly.His most recent monthly statement lists last month's payment,new charges this month totaling $1,500,and a $30 fee.That fee is most likely the result of
A) interest charges.
B) his annual fee.
C) an over-the-limit fee.
D) a late payment.
E) transaction fees on purchases.

Question

Quizplus · Accepted Answer

The $30 fee is most likely an over-the-limit fee, as Mike's credit limit is $1,000 and he had charges totaling $1,500. It is not an annual fee, interest charge, late payment fee, or transaction fee on purchases.

Mike Has a MasterCard with an Annual Fee of $25,18