Bob’s car needs a new transmission, a repair that will cost $1,763.00. Bob does not have enough money in his savings account to
cover the cost of the repair. To make matters worse, Bob’s mechanic, who works out of his home, is unable to accept credit cards. Bob is hesitant to take out a cash advance on his credit card knowing that it will take him 12 months to pay of the balance and that a cash advance comes with a 30% interest rate. If Bob uses a cash advance to pay for the repairs, how much extra will he have to pay in interest?
