aining 01 23 50 Subimt Test Your VISA bill for September has one item: a 72 inch

Question

aining 01 23 50 Subimt Test Your VISA bill for September has one item: a 72 inch Plasma costing $4,006 which was purchased on Sept 1It is now October 15th at mahight you have musaed the meat dealme and now owe interest. VISA calculates interest on the daily balance (with daily compounding) from the date of parchase. Assume that the parchase occurred at midnight, so the Sept 1 Sth parchae accrues its aeroes its t st day of teret at the endorseroa ne an al rate chred by viSA" 192% tryou pay ort e dett (nel d ng t r st) ng tnow (at hght on o t ber isn), th how mad s(Round No the nearest cent.) de

Explanation / Answer

Number of days from Sep16th to October15th=30
So, payment required=4086*(1+19.2%/365)^30=4150.975

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