Timothy Carter went out to eat with his girlfriend at a fancy restaurant. When he tried to pay the bill with his MasterCard credit card, he was told that the restaurant accepted only cash or American Express. His waiter suggested that he use the ATM across the street to withdraw cash using his credit card. Tim did as suggested and didn't pay attention to any fees until he received his credit card statement one month later. He was shocked to see the total fees (3% cash advance), and his APR was increased to 21%. Given the cost of the meal ($125) plus the associated fees, how much did his meal cost him?a. $3.75
b.$125
c. $130.94
d. $2.19
e. $151.25

Answers

Answer 1

Answer:

Answer:

Ans. the cost of the meal was $130.4

Explanation:

Hi, ok, the credit card is charging a 21% APR this means that the cost is 0.21/12 = 0.0175 monthly and the cash advance is 3%, so the associated fees to this $125 purchase are:

Interest fee

$125*0.0175= $2.19

Cash Advance fee

$125*0.03= $3.75

And the meal was $125, so the total cost of the meal was:

$125 + $2.19 + $3.75 = $130.94

Best of luck.

Related Questions

Which portion of a professional business letter contains the purpose of the correspondence? Heading Salutation Body Enclosure Notation
James Hughes worked for Medtronic, Inc., a medical technology company, as a sales manager. His contract with Medtronic had a non-compete clause that prohibited him from working for a competitor for one year after leaving Medtronic. St. Jude Medical, S.C., Inc., was a competitor of Medtronic. In an effort to expand their business, St. Jude contacted Hughes about joining them. Hughes felt dissatisfied with conditions at Medtronic, and so began negotiations with St. Jude. Hughes shared his current contract with St. Jude's executives, who told him that his contract with Medtronic was unenforceable and offered him a job as a sales director at a significant higher salary. In fact, the contract was enforceable under state law. Hughes accepted the job offer from St. Jude. Medtronic filed a suit against St. Jude, alleging wrongful interference. Did wrongful interference occur and if so, which type of wrongful interference occurred?1. There is a contract between two parties/ One party is seeking a greater market share for their product/ A third party knows the contract existsone party is targeting the others' customers/ A third party is inducing another to break a contract.2. There is a contract between two parties/ One party is seeking a greater market share for their product/ A third party knows the contract existsone party is targeting the others' customers/ A third party is inducing another to break a contract.3. There is a contract between two parties/ One party is seeking a greater market share for their product/ A third party knows the contract existsone party is targeting the others' customers/ A third party is inducing another to break a contract). Medtronic is suing for wrongful interference with a _______.4. Who are the parties to the initial contract?5. _____is the third party who knew about the contract.6. St. Jude learned about the contract and noncompete clause between Hughes and Medtronic from _____.7. It is _____that St. Jude intentionally induced Hughes to breach his contract with Medtronic.8. St. Jude ______before he left Medtronic.9. What did St. Jude represent regarding the noncompete clause? That it ____enforceable.10. Was the noncompete clause enforceable? 11. Did it matter if the clause was unenforceable? 12. Based on these facts, does it appear that St. Jude intentionally induced Hughes to break his contract with Medtronic? 13. Is Hughes liable for intentional interference with a contract? 15. Hughes is _______to be held liable for breach of contract.16. If St. Jude had informed Hughes that the noncompete clause was enforceable and Hughes still left to come to work for them, would St. Jude be liable for intentional interference with a contract?
The formal target-setting, monitoring, evaluation, and feedback systems that provide managers with information about whether the organization's strategy and structure are working efficiently and effectively are known as ________ systems.
Select the items that describe the results of scarcity.There are not enough goods and services to meet everyone's wants. There are too many resources for producers to use. Using resources today means having fewer of them in the future.
"A power company charges $0.19 per kilowatt-hour (kWh) and $19.84 in monthly taxes. The monthly charge, C, (in $) is given by C = 0.19h + 19.84, where 'h' is the number of kilowatt-hours used. If a family's bill comes to $234.92, determine the number of kilowatt-hours used."

5. What happens to price when a good becomes more scarce?a. Price will decrease.
b. Price will remain constant.
c. Price will increase.
d. There is not enough information to answer this question.

Answers

pretty sure it’s C. Price will increases

Answer:

C. Price increases.

Explanation:

Supply for the good decreases while demand remains constant, and people would have to compete with each other more to obtain the good

The seller would naturally sell the good to the highest bidder/buyer so as to maximise his profit, thus as a good becomes scarcer, its price increases

Motivating employees by expanding the number of jobs or tasks that they are involved with is referred to as job ________.

Answers

As Job Enlargement

in Job enlargement, employers typically increase the number of tasks and responsibilities. This will make the position more Challenging and usually resulted in higher wage and reward

Which of the following istypically found on the
horizontal axis?
A. quantity
B. price
C. supplier expectations

Answers

The answer is A. quantity

Quantity is found on the horizontal axis

Ashley, a manager at a toy manufacturing company, needs to create a financial document for the company that would show how the company's operating, investing, and financing activities are expected to affect the asset, liability, and owners' equity accounts. To prepare this document, Ashley needs to collect data from:

Answers

Answer:

The answer is: Ashley needs to collect information from the budgeted income statement, cash budget and capital expenditure budget.

Explanation:

The budgeted income statement is the forecast of next year's income statement.

The cash budget includes all the company's expected cash inflows and outflows estimating cash receipts and cash payments.

The capital expenditure budget includes all the money the company expects to invest in purchasing new long term assets or improving and maintaining existing long term assets.

Daniel Allen has been a patient at Greenway Hospital for the following ailments: January 8, 2012, inpatient for appendicitis; April 16, 2012, emergency department for an asthma attack; May 12, 2013, urgent care for a viral illness, May 13, 2013, inpatient for pneumonia, and once on June 4, 2013 in the emergency department for a sprained arm. How many times will Daniel Allen's name and demographic information be entered in the MPI of Greenway Hospital?

Answers

Daniel Allen's name and demographic information will be entered in the MPI (Master Patient Index) of the Greenway Hospital only once. The hospital does not need to record it a lot of times because the first time he was already admitted in the hospital would register a record of him in it.

Daniel Allen was a patient of Greenway Hospital a total of 5 times from 2012 until 2013. He was seen for various medical reasons. His name and demographic information would only be entered into the MPI of Greenway Hospital once. However, they will always check to make sure the address and other information has not changed. If anything had changed with his information, the hospital would enter it a second time.

How does a country's GDP help you determine if its economy is strong or weak?

Answers

The GDP means gross domestic product. When it increases then it means the economy is getting stronger or is already strong. If it decreases then it becomes weaker or is already weak.

Other Questions

The ____ button lists error-checking options following the assignment of an invalid formula to a cell.

Suppose that Christine owns her own CPA firm. She uses only two inputs in her business: her hours worked (labor) and a computer (capital). In the short run, Christine most likely considers.

Which of the following is NOT a way monetary aid is given to the states by the national government?a. loans with interest b. grants-in-aid c. block grants d. revenue sharing

In a(n) _____ organization, top managers make all the decisions and pass them down to lower levels for implementation