Looking for some furniture for her new apartment, Susan visits the local swap meet in search of something cheap. Knowing that mo
st swap meet vendors will not accept credit cards and that she will not have any money until her next payday, Susan decides to take out a $200 cash advance on her credit card at an interest rate of 32%. If Susan had no previous balance on her credit card, and she manages to pay off the balance within 1 month, how much will she have to pay in interest?
Since the interest rate is a standard 32%, then the only thing that Susan has to pay is the 32% of $200. With this, multiply $200 with 0.32 and you will end up with a final answer of 64. 64 will be the amount of interest Susan will have to pay if she is to take out a cash advance of 200 and pay it off within the time period of 1 month.
