# Math

a customer receives a new credit card and makes the following transactions. a cash advance of \$1000 on october 10. she then makes \$2000 purchase between october 12 and october 21. her due date on the bill is november 3 and yearly interest rate is 18%. interest is only on cash advances and overdue payments. how much does she owe?

plz help with this question its due very soon and i cant get the answer. Thank u

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1. \$3012.33

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2. How did you get this answer?

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3. Not sure if this is correct, but here is what I did.

I=P*r*t
Interest = Principal amount of money borrowed * annual interest Rate charged as a decimal * the length of Time of the loan(can be in months or years)

31 days in October - 10 days = 21 days
21 + 3 days in November = 24 days

I = 1000(0.18)(24/365)(24/265)
Interest = \$65.75

\$1000 + \$65.75 + \$2000 = \$3065.75 owed on credit card.

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4. You must take the advance times the interest, times the time.

1000(0.18)(24/365)
= 1000(0.18)(0.065753424)
= 1000(0.011835616)
= 11.8356164 so approximately, 11.84

now add \$11.84 (interest) to \$1000 (the advance), as well as the \$2000 purchase. and we get \$3011.84.

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