Question

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

Answer 1

C

Interest = 2530.16 × 0.00042 × 30 = 31.880016 ≈ $31.88, so answer (c).