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QuizMultiple Choice

Credit vs. Cash

Question 1 • 26-27 Ignite Technical Math-Financial Math - MA2007

Robby is considering taking out a cash advance on his credit card to purchase a new television. His credit card offers cash advances up to $500.00 at an interest rate of 28% compounded monthly. If the television costs $350.00 and Robby plans to pay the balance of in 6 months, how much extra will he pay in interest to purchase the television?

Answer
A
$29.14
B
$63.18
C
$174.48
D
$379.08
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