Question

A consumer charges a $46.92 purchase on a credit card. the card has a daily interest rate of 0.039%. if the consumer pays off the balance at the end of 30 days, how much in interest will be paid for the purchase? a. $0.06 b. $0.18 c. $0.55 d. $5.49 please select the best answer from the choices provided. a b c d

Answer 1

The interest that will be paid for a period of 30 days at an interest rate of 0.039% will $0.55

Interest Rate Computation

Given Data

• Charge on purchase = $46.92

• Daily interest Rate = 0.039%

• Number of Days = 30

Let us find the daily amount in Interest

= 0.039/100*46.96

= 0.0182988

Hence the daily interest made will 0.018

Also, for 30 days the accrued amount will be

= 0.18*30

= 0.548964

= $0.55

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