Sam is getting ready for a big date when he realizes that he has no money. his roommate, bill, also has no money, but he has a credit card. knowing that nobody will let sam use bill’s credit card, sam asks bill to pull out a cash advance for $120.00. bill agrees under the condition that sam is responsible for all interest that accrues on the cash advance which is a 30% interest rate, compounded monthly. 5 full years go by before the $120 cash advance is repaid. how much should bill ask sam to pay in interest for the cash advance? a. $3.88 b. $112.80 c. $120.00 d. $232.80
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Sam is getting ready for a big date when he realizes that he has no money. his roommate, bill, also...
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