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Consider a 44 interest free period on a credit card. A purchase done at day 5 of the statement period enjoys _______  days of free loan.Assume a 30 day statement.A.44B.39C.14D.25

Question

Consider a 44 interest free period on a credit card. A purchase done at day 5 of the statement period enjoys _______  days of free loan.Assume a 30 day statement.A.44B.39C.14D.25

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Solution

The answer is B.39. Here's why:

  1. The interest-free period on a credit card is the time during which you can make purchases without being charged interest. In this case, it's 44 days.

  2. The purchase is made on day 5 of the statement period. The statement period is the time during which the credit card company tracks your purchases to include on your next statement. In this case, it's 30 days.

  3. To find out how many days of free loan the purchase enjoys, you subtract the day the purchase was made from the total interest-free period.

So, 44 (interest-free period) - 5 (day of purchase) = 39 days.

Therefore, a purchase made on day 5 of the statement period enjoys 39 days of free loan.

This problem has been solved

Similar Questions

Consider the following credit card bank statement. The credit card provider offers a  ____________  interest free period, if the priviledge has not been lost.A.55 daysB.24 daysC.This feature cannot be seen in the statement provided.D.25 days

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