A consumer charges a $50 purchase on a credit card. The card has a daily interest rate of 0.038%. If the consumer pays off the b
alance at the end of 30 days, how much in interest will be paid
for the purchase? Round your answer to two decimal places.
1 answer:
Answer:
SIMPLE ONE-TIME INTEREST
I
=
P
0
r
A
=
P
0
+
I
=
P
0
+
P
0
r
=
P
0
(
1
+
r
)
I is the interest
A is the end amount: principal plus interest
P0 is the principal (starting amount)
r is the interest rate (in decimal form. Example: 5% = 0.05
Step-by-step explanation:
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