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8. Sidney took a $200 cash advance by using checks linked to her credit card account. The bank charges a 2 percent cash advance fee

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8. 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? (CL05.4) 9. Brooke lacks cash to pay for a $600 washing machine. She could buy it from the store on credit by making 12 monthly payments of $52.74 each. The total cost would then be $632.88. Instead, Brooke decides to deposit $50 a month in the bank until she has saved enough money to pay cash for the washing machine. One year later, she has saved $642-8600 in deposits plus interest. When she goes back to the store, she finds that the washing machine now costs $660. Its price has gone up 10 percent-the current rate of inflation. Was postponing her purchase a good trade-off for Brooke? (L05.4) 10. What are the interest cost and the total amount due on a six-month loan of S1,500 at 13.2 percent simple annual interest? L05.4) 11. After visiting several automobile dealerships, Richard selects the car he wants. He likes its $10,000 price, but financing through the dealer is no bargain. He has $2,000 cash for a down payment, so he needs an $8,000 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $8.000 for a period of four years at an add-on interest rate of 11 percent. (105.4) a. What is the total interest on Richard's loan? 6. What is the total cost of the car? What is the monthly payment? What is the annual percentage rate (APR)

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