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Sidney took a $550 cash advance by using checks linked to her credit card account. The bank charges a 3 percent cash advance fee on
Sidney took a $550 cash advance by using checks linked to her credit card account. The bank charges a 3 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. I need help on (a-d)
a. What was the cash advance fee? (Round your answer to 2 decimal places.) b. What was the interest for one month at an APR of 12 percent? (Round your answer to 2 decimal places.) c. What was the total amount she paid? (Round your answer to 2 decimal places.) d. What if she had made the purchase with her credit card and paid off her bill in full promptly? Assume the credit card has a grace period. (Round your answer to 2 decimal places.)Step by Step Solution
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