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Vlad1618 [11]
3 years ago
10

You take out a cash advance of 2,790.00on a credit card with a 3.5% cash advance fee and a 13%apr (adjust for monthly rate) what

is the amount due by the end of the month
Mathematics
2 answers:
tester [92]3 years ago
6 0
Given that the credit card has a 3.5% cash advance fee. The the cash advance fee on a cash advance of $2,790.00 is given by

0.035\times\$2,790=\$97.65

Given that the card has an APR of 13%, the value of the cash advance at the end of the month is given by

FV=2790(1+0.13)^{ \frac{1}{12} } \\  \\ =2790(1.13)^{ \frac{1}{12} }=2790(1.0102) \\  \\ =\$2,818.56

Therefore, the amount due at the end of the month is given by $2,818.56 + $97.65 = $2,916.21
Sedaia [141]3 years ago
5 0

Answer:

3277.48

Step-by-step explanation:

2790 * .035 = 2887.65

2887.65 * .135 = 389.83

2887.65 + 389.83 = 3277.48

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