You have a credit card that charges no interest on payments made in full at the end of the due period. Payments are made on the last day of the month on all charges made during the previous month (you get a one-month grace period).  if you charge an average of $100 daily on the card and you assume 30 days in the month - what is the actual worth of the $3000 amount on the day the payment is made?  Assume an interest rate of 18% compounded daily on all charges. What if the interest was compounded monthly? What if the interest was compounded annually?   

Example: In April you charged $3000 and payment was not due until June 1. The period between the charges in April until the due date are not charged interest if you pay in full on June 1.