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Percy bought a new bathing suit using his debit card. The bathing suit cost $27.99\$27.99. Which statement is true?\newlineChoices:\newline(A) Percy will pay interest on his purchase.\newline(B) Percy will not pay any interest on his purchase.\newline(C) Percy will only pay interest on his purchase if he carries a monthly balance.

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Full solution

Q. Percy bought a new bathing suit using his debit card. The bathing suit cost $27.99\$27.99. Which statement is true?\newlineChoices:\newline(A) Percy will pay interest on his purchase.\newline(B) Percy will not pay any interest on his purchase.\newline(C) Percy will only pay interest on his purchase if he carries a monthly balance.
  1. Understand Transaction Nature: Step 11: Understand the nature of the transaction.\newlinePercy used his debit card to buy a bathing suit for $27.99\$27.99. Using a debit card means the money is directly taken out from his bank account.
  2. Analyzing Payment Method: Step 22: Analyze the payment method implications.\newlineSince the payment is made with a debit card, the amount is deducted immediately from Percy's account. There is no borrowing of money, hence no interest is accrued on the purchase.

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