Problemsidney took a 780 cash advance by using checks, Ask an Expert

Accounting

Problem:

Sidney took a $780 cash advance by using checks linked to her credit card account. The bank charges 2.8 percent cash advance fee on the amount borrowed and offers no grace period on cash advances. Sidney paid the balance in full when the bill arrived.

Required:

Question 1: What was the cash advance fee?

Question 2: What was the interest for one month at an 32 percent APR?

Question 3: What was the total amount she paid?

Question 4: What if she had made the purchase with her credit card and paid the bill in full promptly?

Note: Please show how you came up with the solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91166977

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