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?
Chapter6: Business Expenses
Section: Chapter Questions
Problem 89TPC
Related questions
Question
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?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
Recommended textbooks for you