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A consumer charges a $2,530.16 purchase on a credit card. the card has a daily interest rate of 0.042%. if the balance is paid off at the end of 30 days, how much interest will the consumer pay? a. $0.32 b. $3.19 c. $31.88 d. $318.78 please select the best answer from the choices provided a b c d

Sagot :

ashishdwivedilVT

The consumer will pay $31.91 as an interest.

Initial balance = $2,530.16

Daily interest rate = 0.042%

What is simple interest?

Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments

So, balance at the end of the first day = 2530*(1.00042)¹

balance at the end of the second day =  2530*(1.00042)²

Similarly, balance at the end of the 30th day =  2530*(1.00042)³⁰

Balance at the end of the 30th day = $2562.07291

So, interest levied =  $2562.07291 -  $2,530.16

Interest levied = $31.91

Therefore, the consumer will pay $31.91 as an interest.

To get more about simple interests visit:

https://brainly.com/question/2294792

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