Answer:
Amount debited through credit card = $ 2,530.16=P
Daily interest rate =0.042%=R
On 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)
