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Ying borrowed $350 for 60 days from his credit card company using a cash advance. The company charged a daily finance charge of 0.052%. What was Ying's finance charge for the loan?
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Ying borrowed $350 for 60 days from his credit card company using a cash advance. The company charged a daily finance charge of 0.052%. What was Ying's finance charge for the loan?

User Olasimbo
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1 Answer

5 votes

Answer:

$10.92

Step-by-step explanation:

Finance charge computation:

($350 x 0.052%) x 60 days = $10.92

Hence he will pay a total of $360.92 being principal($350) and interest($10.92)

User Chenelle
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