Jim Settler takes a cash advance of $400 for 22 days. The credit card company charges a 5% cash advance fee and an APR of 21% applied daily. What are the total finance charges for the cash advance? How much will he have to pay back to the credit card company?

Question

uri · Answer

There are 365 days.
The daily interest from APR is 0.21/365.

uri · Answer

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uri · Answer

The first part is the charge from APR in 22 days.
The second part is the 5% of financial charge.

uri · Answer

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anonymous · Answer

ok

anonymous · Answer

so the total finance charges would be $24.60 ?