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 0.04512% per day. Travis repays the money plus the interest after 29 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.)
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 0.04512% per day. Travis repays the money plus the interest after 29 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.)
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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Transcribed Image Text: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 0.04512% per day. Travis repays
the money plus the interest after 29 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 s $
(Round to the nearest cent.)
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