A consumer charges a $2,530.16 purchase on their credit card. The card has a daily interest rate of 0.042%. If the consumer pays off the balance at the end of 30 days, how much more in interest will they pay for the purchase?

Answer:Amount debited through credit card = $ 2,530.16=PDaily interest rate =0.042%=ROn first day total amount paid=[tex]P(1+\frac{R}{100})[/tex]On Second day, amount equals to [tex]P(1+\frac{R}{100})^2[/tex]Amount Charged at the end of 30 days is given by         [tex]P(1+\frac{R}{100})^{30}[/tex][tex]=2530.16\times[1+\frac{0.0042}{100}]^{30}\\\\= 2530.16 \times(1.00042)^{30}\\\\=2530.16\times 1.01267703\\\\=2562.2349[/tex]So, total interest paid after 30 days =2562.24-2530.16              =Rs 32.08(approx)