2 Anna needs $100 in cash to go home for the weekend, and all she has is a credit card. Her cash advamce fee is S10 and the credit card company charges a 3% fe. She decides to get a cash advance. desa a How much will the cash advance cost ber? b Given the fees that were charged, what is the true cost as a percentage of the Sl00 for Anna to get a cash advance? e Anna does sot use her credit card for anything ehe and she pays ofl the $100 cash advaece plus fees in six months by making payments of S19.83. Her credit card company charges 18% APR. Create an amortiration schedule for her six payments. How much will Anna end up paying in interest and fees for her S100 cash advance?
2 Anna needs $100 in cash to go home for the weekend, and all she has is a credit card. Her cash advamce fee is S10 and the credit card company charges a 3% fe. She decides to get a cash advance. desa a How much will the cash advance cost ber? b Given the fees that were charged, what is the true cost as a percentage of the Sl00 for Anna to get a cash advance? e Anna does sot use her credit card for anything ehe and she pays ofl the $100 cash advaece plus fees in six months by making payments of S19.83. Her credit card company charges 18% APR. Create an amortiration schedule for her six payments. How much will Anna end up paying in interest and fees for her S100 cash advance?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:2 Anna needs S100 in cash to go home for the weekend, and all she has is a credit card. Her cash advance fee is S10 and the credit card company charges a 3% fee.
She decides to get a cash advance. aosa
a How much will the cash advance cost her?
b Given the fees that were charged, what is the true cost as a percentage of the Sl00 for Anna to get a cash advance?
e Anna does not use her credit card for anything else and she pays off the $100 cash advance plus fees in six months by making payments of S19.83. Her credit
card company charges 18% APR. Create an amortization schedule for her six payments. How much will Anna end up paying in interest and fees for her S100
cash advance?
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