The total interest consumer pay on the credit card which has a daily interest rate of 0.042% is $32.08.
Compound interest is the amount charged on the principal amount and the accumulated interest with a fixed rate of interest for a time period.
The formula for the final amount with the compound interest formula can be given as,
[tex]A=P\times\left(1+\dfrac{r}{100}\right)^{t}\\[/tex]
Here, A is the final amount (principal plus interest amount) on the principal amount P of with the rate r of in the time period of t.
In the given problem,
Put these values in the above formula as,
[tex]A=2530.16\times\left(1+\dfrac{0.042}{100}\right)^{30}\\\\A=2562.24[/tex]
The interest amount paid is,
[tex]I=A-P\\I=2562.24-2530.16\\I=32.08[/tex]
Thus, the total interest consumer pay on the credit card which has a daily interest rate of 0.042% is $32.08.
Learn more about the compound interest here;
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