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Sagot :
The consumer will pay $31.91 as an interest.
Initial balance = $2,530.16
Daily interest rate = 0.042%
What is simple interest?
Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments
So, balance at the end of the first day = 2530*(1.00042)¹
balance at the end of the second day = 2530*(1.00042)²
Similarly, balance at the end of the 30th day = 2530*(1.00042)³⁰
Balance at the end of the 30th day = $2562.07291
So, interest levied = $2562.07291 - $2,530.16
Interest levied = $31.91
Therefore, the consumer will pay $31.91 as an interest.
To get more about simple interests visit:
https://brainly.com/question/2294792
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