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2 years ago

Credit card cash advance borrow: $300 rate: 18% per year time: 6 months-,5 300 6

Mathematics

1 answer:

olga nikolaevna [1]2 years ago

7 0

Answer:

Assuming the question is how much interest you will pay in the given time frame with the given terms.

Step-by-step explanation:

Borrowed $300

18% per yr = 18/12 = 1.5% per month

You borrowed for 6 months so you will end up paying 1.5%*6 =9% in interest

$300*(9% or 0.09) = $27 in interest paid + $300 in principal paid if paid off in 6 months.

Total $327.

If this was an economics class you would also have to factor in the depreciation of the principal amount month to month with minimum payments but I am guessing this is just a basic question so the above answer is correct enough.

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