Question 138322: Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The interest rate charged for the loan is 0.04205% per day. Travis repays the money plus the interest after 24 days. When he rapaid the loan, how much did he pay the credit card company?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school.
The interest rate charged for the loan is 0.04205% per day.
Travis repays the money plus the interest after 24 days.
When he rapaid the loan, how much did he pay the credit card company?
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Cost for 24 days = 600 + 24*0.0004205*600
Cost(24) = (1+24*0.0004205)600
Cost(24) = 1.010092*600 = $606.06
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Cheers,
Stan H.
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