5. Credit card interest rates and other fees: Credit cards provide many advantages and conveniences, They also carry charges and fees that can cost more moncy than planned for or anticipated: Credit Card fees and Charges Frances's creit card has a variable interest rate, withan a defined range, that changes periodically. The rate that the finanoal institubony that issued her card uses as a basas to determine the currett interest rate is called the bave rate. The interest rate that applies to the aeditcard is computed as the sum of the base rate plus a centain percentage. According to the terms of her card, the iriterest rate is the base rate plus The. Further, the minimum interest rate is 10%, and the maximum interest rate is 16%. - If the computed rate is less than or equal to 10%, shell be charged 10%. - If the computed rate is greater than or equal to 16%, she7l be charged 16%. - If the compated rate is between 10% and 16%, sheil be charged the computed rate. Today, the base rate is 2%. What is Frances's interest rate today? In addition to interest charges, under certain circumstances, frances could be subject to any of the following other fees and charges: - Late payment fees - Over-the-limit charges - Foreign transaction fees - Balance transfer fees For each of the following situations, choose the fee that most closely apples charges a lower interest rate. frarces will fikely be charged - Francen's ciedit card payinent was due on May 3 . She made a payment on May 25 . Frances will ficly be charded - Most credit card holders fave a defined line of credit, which is the maximurn anjount the firianeial instetintion abpioved for lrances to owe at any. time. Hes line of credit is $19,000. She currently owes $16,000. frances wid lakely be charged