A cash advance on a credit card of $100, with a $5 processing fee up front, and
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Question:
A cash advance on a credit card of $100, with a $5 processing fee up front, and 25% interest on the cash advance balance with monthly compounding. To be paid back over 12 monthly payments of an equal amount as an ordinary annuity.
Calculate the APR given the above parameters.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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