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Leonard buys a painting on his credit card for $14 990. He pays his credit card in full within the ...

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Leonard buys a painting on his credit card for $14 990. He pays his credit card in full within the ...

Leonard buys a painting on his credit card for $14 990. He pays his credit card in full within the grace period of 11 days using his secured line of credit, which charges him prime (3%) plus 1%. He repays his loan in 168 days. If his credit card company charges him a rate of 28% after the grace period, what is the total amount of interest paid on the purchase of the painting?
A) $0
B) $206.99
C) $275.98
D) $126.49
E) $402.47

Textbook

Contemporary Business Mathematics with Canadian Applications

Edition: 11^th

Authors: Hummelbrunner, Halliday, Hassanlou, Coombs

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6 years ago Edited: 2 years ago, bio_man

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Amira Helal, Welmar Pahayahay, bio_man

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thanks

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