Question

You see a pair of jeans on sale for 10% off the regular price of $50. You have a credit card with a 13% interest rate, If you buy the jeans today with the credit card and pay them off after two months, are you paying more or less than the regular $50 price for them? Please explain your decision

Answer 1

Answer:

You are paying more.

Explanation:

Because there is only 10% discount

so actual price is ₹55 , but price for now is ₹50

and paying that amount after two months at the rate of interest 13%

means after two you will pay amount at 26% intrest rate

which means you will pay total ₹63

Answer 2

Answer:

The person will pay more than the regular $50, he will pay $50.85 for the jeans that he brought for the with the credit card.

Explanation:

Step 1: A credit card is a payment card that is given to users to let them know they must pay a merchant depending on their outstanding debt in order to purchase goods and services.

Step 2: The credit card holder has a 55-day grace period to pay back whatever money he spent his credit card money on.

In the example, the consumer will use a credit card to pay $45 for the $50 pair of shoes. He uses his credit card to pay the $45 bill.

Step 3: He will incur the interest at the rate of 13% on the regular price of $50, because the limit of 55 days is crossed.

$\ 45 \times 13 \%=50.85$

Therefore, the person will pay more from the regular price of $50.

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