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Home Q & A Board Science-Related Homework Help Mathematics
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Hillier Hillier
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6 years ago
Caprice buys a painting on his credit card for $14 990. She pays her credit card in full 3 days after the grace period of 11 days using her secured line of credit, which charges her prime (3%) plus 1%. She repays her loan in 168 days. If her credit card company charges her a rate of 28% after the grace period, what is the total amount of interest paid on the purchase of the painting?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
6 years ago
Interest paid to the credit card = $14 990 × 0.28 ×   = $160.99
Total payment to the credit card using secured line of credit = $14 990 + $160.99 = $15 150.99
Interest paid to the secured line of credit = $15 150.99 × 0.04 ×   = $278.94
Total interest paid on the purchase of the painting = $160.99 + $278.94 = $439.93
Hillier Author
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#2
5 years ago
Thank you for helping
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