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Compare the cost of borrowing $4300 for six months (180 days) in the following two scenarios. How much will you save if you take out

Compare the cost of borrowing $4300 for six months (180 days) in the following two scenarios. How much will you save if you take out the bank loan as opposed to the cash advance?

- You take out the money as a cash advance at 19.99%, compounded daily. Your creditor charges a cash advance fee of $5.

- You take out a bank loan for the amount of the purchase at 6.75%, compounded monthly

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