Robby is considering taking out a cash advance on his credit card to purchase a new television. his credit card offers cash advances up to $500.00 at an interest rate of 28%. if the television costs $350.00 and robby plans to pay the balance of in 6 months, how much extra will he pay in interest to purchase the television? a. $29.14 b. $63.18 c. $174.48 d. $379.08 select the best answer from the choices provided

$29.14

Step-by-step explanation:

Given : His credit card offers cash advances up to $500.00 at an interest rate of 28%.

To find: If the television costs $350.00 and Robby plans to pay the balance of in 6 months, how much extra will he pay in interest to purchase the television?

Solution:

Monthly payment =

P = $350

n =6

rate of interest = 20% =0.28

So, rate of interest per month = i = 0.28/12

Substituting the values

So, he pays per month = $63.1887591933

So, he pays with interest for 6 months =

                                                                 =

The cost of television was $350

So, the amount he paid extra =  

                                                =    

Hence he pay $29.14 extra in interest to purchase television.

7

step-by-step explanation: