Experience the convenience of getting your questions answered at IDNLearn.com. Ask any question and receive accurate, in-depth responses from our dedicated team of experts.
Sam is getting ready for a big date when he realizes that he has no money. His roommate, Bill, also has no money, but he has a credit card. Knowing that nobody will let Sam use Bill’s credit card, Sam asks Bill to pull out a cash advance for $120.00. Bill agrees under the condition that Sam is responsible for all interest that accrues on the cash advance which is a 30% interest rate, compounded monthly. The $120 cash advance is repaid in monthly installments over 5 years. How much should Bill ask Sam to pay in interest for the cash advance?
a.
$3.88
b.
$112.80
c.
$120.00
d.
$232.80
Your participation means a lot to us. Keep sharing information and solutions. This community grows thanks to the amazing contributions from members like you. Your search for answers ends at IDNLearn.com. Thank you for visiting, and we hope to assist you again soon.
