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 0.05416% per day. Travis repays the money plus the interest after 21 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?
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 0.05416% per day. Travis repays the money plus the interest after 21 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?
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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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
0.05416%
per day. Travis repays the money plus the interest after
21
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?
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