Mr A just received a new Amex credit card. It will charge 20.74% p.a. compounding daily if he does not pay off his balance at the end of each month. He went on a shopping spree purchasing $107,489 worth of goods. If Mr A must pay interest on this purchase for 75 days, how much interest will he pay? Assume the balance outstanding does not charge during this period.

Answer rating: 100% (QA)

To calculate the interest Mr A will pay on his purchase well use the formula for compound inter... View the full answer