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- Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The interest rate charged for the loan is 0.04154% per day. Travis repays the money plus the interest after 30 days. a) Determine the interest charged for the cash advance. b) When he repaid the loan, how much did he pay the credit card company? Interest charged≈$7.487.48 (Round to the nearest cent.) Amount paid=?Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school The interest rate charged for the loan is 0.05645% per day. Travis repays the money plus the interest after 28 days a) Determine the interest charged for the cash advance. b) When he repaid the loan, how much did he pay the credit card company? Interest charged $ (Round to the nearest cent.)Sidney took a $300 cash advance by using checks linked to her credit card account. The bank charges a 2 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. a)What was the cash advance fee? b)What was the interest for one month at an APR of 20 percent? c)What was the total amount she paid? 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.
- Sidney took a cash advance of $200 by using checks linked to her credit card account. The bank charges a cash advance fee of 2 percent on the amount borrowed and offers no grace period on cash advances. Sidney paid the balance in full when the bill arrived. a. What was the cash advance fee? b. What was the interest for one month at an APR of 18 percent? c. What was the total amount she paid? 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 30-day grace period.Alphy Jurarim used a credit card from Citibank to help pay for tuition expenses while in college and now owes $5232.25.The interest charges are 1.75% per month. (a) Find the interest charges. (b) Find the interest charges if he moves the debt to a credit card charging .8% per month on the unpaid balance. (c) Find the savingsNick borrowed $6000 for 24 months from his bank using an 11 and a 1/2 percent discount note. A. How much interest did Nick pay the bank for the use of the money? B. How much did he receive from the bank?
- Ken borrowed $3400 from the bank for 20 months. The bank discounted the loan at 7.4%.How much was the interest?$Correct State your result to the nearest penny.How much did Ken receive from the bank?$Correct State your result to the nearest penny.What was the actual rate of interest?Troy already had a balance of $104.75 on his credit card when he used it to purchase items totalling $128.37. His minimum monthly payment is 4% of the balance or $20, whichever is greater, and the interest is 18.7%, compounded daily. a) How long will it take Troy to pay off the balance if he pays only the minimum? b)How much interest will he pay?Ryan has a RaceTrac credit card. The card has a balance of $685.37 with an APR of 28.95%. The RaceTrac expects the minimum payment to be 4.2% of the balance. What is Ryan’s minimum payment? How long will it take Ryan to pay off his RaceTrac credit card? How much interest will Ryan pay if he only pays the minimum payment? Show steps.
- Steve has maxed out his credit card and owes $22,000. The annual interest on his credit card is 18.25%. a. The minimum payment for some credit cards is 2% of what you owe. What is Steve’s minimum payment? b. Suppose Steve continues to pay the amount found in part a, how long until he has paid off her credit card dept? Assume he doesn’t charge anything else. c. What is the total amount he spent to cover the $22,000 debt? d. Suppose Steve decides to pay $750 per month, how long until he pays off the credit card? e. How much does she save by paying $750 a month? f. Suppose Steve is getting married in 25 months, what should he pay every month to clear hiscredit card debt by the time he is married?Lizzie Gunderson is trying to establish a credit history and applied for a Visa credit card. She paid the previous month's statement balance in full. The card carries a finance charge rate of 16%. What is the amount of finance charge if Lizzie pays off the current $168.20 monthly statement balance in full?Miss Evilla borrowed money from a bank. She receives from the bank P1,340.00 and promised to pay P1,500.00 at the end of 9 months. Determine the corresponding discount rate or often referred to as the “banker’s discount”?