Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The interest rate charged for the loan is 0.05601% per day. Travis repays the money plus the interest after 25 days. a) Determine the interest charged for the cash advance. b) When he repaid the loan, how much did he pay the credit card company?

Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The interest rate charged for the loan is 0.05601% per day. Travis repays the money plus the interest after 25 days. a) Determine the interest charged for the cash advance. b) When he repaid the loan, how much did he pay the credit card company?

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The interest rate charged for the loan is

0.05601%

per day. Travis repays the money plus the interest after

25 days.

a) Determine the interest charged for the cash advance.

b) When he repaid the loan, how much did he pay the credit card company?

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