Ask Question
30 March, 12:42

A consumer charges a $2,530.16 purchase on their credit card. the card has a daily interest rate of 0.042%. if the consumer pays off the balance at the end of 30 days, how much more in interest will they pay for the purchase?

a. $0.32

b. $3.19

c. $31.88

d. $318.78

+4
Answers (2)
  1. 30 March, 13:09
    0
    Amount after interest = original amount x (interest rate) ^ (time)

    Amount after interest = 2,530.16 x 1.00042³⁰

    Amount = $2562.23

    Interest = 2,562.23 - 2,530.16

    = $32.07

    The answer is C.
  2. 30 March, 15:18
    0
    The equation that we need to use to answer the question above is,

    I = P x ((1+r) ^t) - P

    where P is the principal amount, r is the interest rate (in its decimal equivalent) and t is time. Substituting the known values from the given,

    I = ($2,530.16) x ((1 + 0.042/100) ^30) - $2,530.16

    I = $32

    The nearest answer should be letter C.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A consumer charges a $2,530.16 purchase on their credit card. the card has a daily interest rate of 0.042%. if the consumer pays off the ...” in 📙 Mathematics 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