Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

While she was travelling, Zaina took advantage of the convenience of cash withdrawals on her credit card since her Canadian debit card wasnt accepted in

While she was travelling, Zaina took advantage of the convenience of cash withdrawals on her credit card since her Canadian debit card wasnt accepted in the country she was in. According to her travel budget she withdrew $125 every day for food, activities and shopping for 21 days. When she got home, on the 21st day, she checked her credit card bill on-line and it showed that she had been charged interest already even though her payment wasnt past due. It turns out that interest is compounded daily on cash withdrawals, from the day the cash is withdrawn. If the interest rate on cash withdrawals is 28%, what was her total bill when she got home?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bond Markets Analysis And Strategies

Authors: Frank J. Fabozzi

6th Edition

0131986430, 9780131986435

More Books

Students also viewed these Finance questions