Your Bank Card Has an APR of 21% and There

question 76

Multiple Choice

Your bank card has an APR of 21% and there is a 3% fee for cash advances.The bank starts charging interest on cash advances immediately.You get a cash advance of $500 on the first day of the month.You get your credit card bill at the end of the month.What is the approximate total finance charge you will pay on this cash advance for the month? Assume each month has 30 days.

• A)$15
• B)$21
• C)$24
• D)$0
• E)$3

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