a consumer charges a $46.92 purchase on a credit card. the card has a daily interest rate of 0.039%. if the…

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?\na. $0.06\nb. $0.18\nc. $0.55\nd. $5.49\nplease select the best answer from the choices provided.\no a\no b\no c\no d

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?\na. $0.06\nb. $0.18\nc. $0.55\nd. $5.49\nplease select the best answer from the choices provided.\no a\no b\no c\no d

Answer

Explanation:

Step1: Convert interest rate to decimal

The daily interest rate is $0.039%$, so in decimal form it is $0.00039$ (since $0.039%=\frac{0.039}{100}=0.00039$).

Step2: Calculate total interest

The formula for simple - interest is $I = P\times r\times t$, where $P$ is the principal amount, $r$ is the daily interest rate, and $t$ is the number of days. Here, $P = 46.92$, $r=0.00039$, and $t = 30$. $I=46.92\times0.00039\times30$ $I = 46.92\times0.0117$ $I=0.548964\approx0.55$

Answer:

C. $0.55$