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    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
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    #1

    Aug 11, 2017, 12:00 PM
    Credit Card Math Question
    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's Avatar
    ma0641 Posts: 15,681, Reputation: 1012
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    #2

    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's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
    Ultra Member
     
    #3

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

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