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pastor1189
Aug 11, 2017, 12:00 PM
The cash advance amount is $500.00 the APR rate is 24%. He paid off the amount in 12 days. How much interest did he pay.

24 divided by 365. I think it is 6%

But is it $30.00 interest on the whole $500.00
Or is it 6% each day of the 12 days?

Poor soul had no health insurance for infant son

ma0641
Aug 13, 2017, 10:51 AM
Without reading the specific cash advance wording it is hard to say. 24% APR is $120 per year. You would think 1/12 would be $10 but they may very well have a minimum interest charge due to what they consider processing costs. Cash advance on credit cards is not the way to go. No $$ in a checking account? Borrow from friends or family?

pastor1189
Aug 13, 2017, 11:10 AM
Thanks appreciate it