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-07 T Calculating the Cash Advance fee and the dollar Amount of Interesti Sidney too a $200 cash advance by using checks Einked to her Credit Card Account. The bank charges 92% cash advanced fee on the amount borrowed and offers No grace period on cash advances. Sidney pain the balance iNfull when the billa arrived. What was the Cashadvance fee? 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 promply paid off the billiNfull? 6 Calculating Simple Interest on a Loani You canboy anitem for $10o,on a charge with the promise to pay $100 in 90 days. Suppose you can buy guidentical item for $96 cash. If you buy the item for $10o you are in effet paying. for the use of $95 for 3 months. What is the effective annual rate ofinterest? @ Calculating Interest Using the Simple Interest Formula: You just bought a used car for $3,500 from your cousin. He agreed to let you make payments for 3 year with simple interest a 7% How much interest will you pay? a Calculating the Annual Percentage Rate using the compound Interest Formula: A $1,000 loan is paid off in 12 equal monthly payments. The stated annual interest rate is 10% . What is the annual percentage rates