If Bradley buys a new game console for $560 this month and sends in a credit card payment of $950 when he gets his statement, how much interest will he pay on the game console for the month?
Bradley currently has a Visa card from his bank with the following terms: 21 percent on purchases, 25 percent on cash advances with a 3 percent cash-advance fee on the amount, and a default or penalty rate of 33 percent. His current statement shows a balance of $9,000. Lately, he has been having a hard time paying more than the minimum payment of 3 percent of his balance.
A) 21 percent
B) 1.75 percent
C) 3 percent
D) None, since he paid for the game console in full during the grace period.
Answer: B
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