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cestrela7 [59]
3 years ago
5

Patty took a cash advance of $1,500. Her new credit card charges an Annual Percentage Rate of 21%. The transaction fee for the c

ash advance is 3% of the amount of the advance, with a minimum fee of $35. This fee is added to the total cash advance, and accrues interest.
Hint: calculate 3% of 1,500. Add that 3% to the original cash advance of 1,500. This becomes your charged amount.

If Patty makes monthly payments of $65:

What is the total amount Patty will end up paying for the cash advance?
Business
1 answer:
natali 33 [55]3 years ago
4 0
I honestly don’t kno

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3 0
3 years ago
On January 8, Lowrence Co. issued a $60,000, 120-day discounted note to Raines Bank. The discount rate is 8%. Assuming a 360-day
Salsk061 [2.6K]

Answer:

a. $58,400

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A discounted note, will make the person receive a lesser amount than the amount due at maturity. This way the person who grants the note is receiving interest for borrowing.

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principal x discount rate x time = discount

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6 0
3 years ago
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