ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a debit card
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a credit card
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a checking account
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a savings account
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Detailed explanation-1: -Average interest rate on current credit card accounts The average APR for all accounts in the fourth quarter of 2022 was 19.07%. That’s an enormous increase from the previous quarter, when the average stood at just 16.27%. (In the quarter before that, it was just 15.13%.)
Detailed explanation-2: -For most people, the interest that credit card companies charge is the largest, and sometimes the only, cost of using a credit card. Credit card companies usually calculate how much to charge you each month by using the average daily balance method.
Detailed explanation-3: -A variable interest rate. Most credit cards offer a variable rate of interest, which is a rate that can fluctuate based on the prime rate, which is the interest rate banks charge their most creditworthy corporate customers.