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What is the total interest charged on the statement for the month which mark has no interest free period credit card that charged 19.5% , he then purchased an oven for $1728 on the 3th and then on 8th April, he got four new tires for his vehicle costing $1400 ?



Answer :

The total interest charged on Mark's credit card for the month is $41.40, calculated as follows:

1. Daily interest rate: {19.5\%365 \approx 0.000534 \)

2. Interest on oven ($1728 from April 3)**:

  1728 \times 0.000534 \times 27 \approx 24.95 \]

3. Interest on tires ($1400 from April 8)**:

  1400 \times 0.000534 \times 22 \approx 16.45

**Total interest**:

\[ 24.95 + 16.45 = 41.40 \]

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