1. Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. Theinterest rate charged for the loan is 0.04418% per day. Travis repays the money plus the interest after 22 days.a) Determine the interest charged for the cash advance.b) When he repaid the loan, how much did he pay the credit card company?Interest charged$(Round to the nearest cent.)Amount paid $

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Asked Nov 19, 2019
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1. Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The
interest rate charged for the loan is 0.04418% per day. Travis repays the money plus the interest after 22 days.
a) Determine the interest charged for the cash advance.
b) When he repaid the loan, how much did he pay the credit card company?
Interest charged$
(Round to the nearest cent.)
Amount paid $
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1. Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The interest rate charged for the loan is 0.04418% per day. Travis repays the money plus the interest after 22 days. a) Determine the interest charged for the cash advance. b) When he repaid the loan, how much did he pay the credit card company? Interest charged$ (Round to the nearest cent.) Amount paid $

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Expert Answer

Step 1

Formula:

pnr
Simple interest S.I =
100
pnr
total amount p+
100
Where p is principal amount.
n is number of times.
ris interest rate
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pnr Simple interest S.I = 100 pnr total amount p+ 100 Where p is principal amount. n is number of times. ris interest rate

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Step 2

The principal amount p is $600. Given that interest rate r is 0.04418% and the number of time n is 2...

pnr
Simple interest S.I
100
600x 22 x 0.04418
100
5.83
Thus, the amount of interest charg ed is $5.83
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pnr Simple interest S.I 100 600x 22 x 0.04418 100 5.83 Thus, the amount of interest charg ed is $5.83

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