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4) Drew A. Blank paid $100 interest on a $1,200 loan after 1 year. The loan came with a service charge of $10. What was
4) Drew A. Blank paid $100 interest on a $1,200 loan after 1 year. The loan came with a service charge of $10. What was the total finance charge on the loan? What was the annual percentage rate (APR)? (Hint: Use the same formula as question #3 but there is a twist. What are our "givens?" What are you trying to calculate? You can do it!) 5) Evan Elpus took a $400 cash advance from his credit card to make a purchase. His credit union charges a 2% cash advance fee and charges interest from the date of the cash advance on the full amount including the cash advance fee. His interest rate is 19%. What was the cash advance fee? What was the interest for one month? (Careful!) What was the total amount of the bill? What would Evan have paid in fees and interest if he had simply paid cash for the purchase
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