Ask Question
9 February, 10:36

Sidney took a $200 cash advance by using checks linked to her credit card account. The bank charges a 2 percent cash advance fee on the amount borrowed and offers no grace period on cash advances. Sidney paid the balance in full when the bill arrived. What was the cash advance fee? What was the interest for one month at an 18 percent APR? What was the total amount she paid? What if she had made the purchase with her credit card and paid off her bill in full promptly? (LO5

+5
Answers (1)
  1. 9 February, 11:05
    0
    Cash advance fee

    $4.00

    (200 x. 02 = 4)

    Interest for one month at an 18 percent APR

    $3.00

    (200 x. 18 x 1/12 = 3)

    The total amount she paid

    $207

    (200 + 4 + 3 = 207)

    If she had made the purchase with her credit card and paid off her bill in full promptly = $200
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Sidney took a $200 cash advance by using checks linked to her credit card account. The bank charges a 2 percent cash advance fee on the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers