Your Bankcard Has an APR of 18% and There Is

question 116

Multiple Choice

Your bankcard has an APR of 18% and there is a 2% fee for cash advances.The bank starts charging interest on cash advances immediately.You get a cash advance of $600 on the first day of the month.You get your credit card bill at the end of the month.What is the total finance charge you will pay on this cash advance for the month? Assume each month has 30 days

• A)$12.
• B)$9.
• C)$21.
• D)$0.
• E)$2.

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Definitions:

Excellent Health

A state of complete physical, mental, and social well-being, not merely the absence of disease or infirmity.

Developmental Period

A phase of life characterized by specific types of growth or change in physical, cognitive, or social-emotional domains.

Emerging Adulthood

A phase of the human lifespan between adolescence and full-fledged adulthood which encompasses late teens through twenties, marked by exploration of identity.

Late Adolescence

The developmental stage, typically from ages 15 to 18, characterized by significant cognitive, emotional, and social changes as the individual transitions to adulthood.