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Sydney took a cash advance of $150 by using checks linked to her credit card account....

Sydney took a cash advance of $150 by using checks linked to her credit card account. the bank charges a cash advance fee of 3 percent on the amount borrowed and offers no grace period on cash advances. Sydney paid the balance in full when the bill arrived. what was the interest for 1 month at an APR of 20%

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Answer #1

The interest for 1 month at an APR of 20% = 150 x 20% x 1/12

=2.5

So the Interest is 2.5

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