Board of Studies, Teaching and Educational Standards news
Question 26 (c), 2 marks
Heather used her credit card to purchase a plane ticket valued at $1990 on 28 January 2011. She made no other purchases on her credit card account in January. She paid the January account in full on 19 February 2011.
The credit card account has no interest free period. Simple interest is charged daily at the rate of 20% per annum, including the date of purchase and the date the account is paid.
How much interest did she pay, to the nearest cent?