Answer:
The interest charged is $7.49.
After 29 days, Travis paid a total of $607.49
Step-by-step explanation:
Travis obtained a cash advance for $600.
The interest rate is 0.04305% per day.
The simple interest rate formula is given by:
[tex]I=Prt[/tex]
Where I is the interest, P is the initial amount, r is the rate, and t is the time (in this case in days).
Our initial amount P is $600.
Our interest rate r is 0.04305% or (moving the decimal two places to the left) 0.0004305.
Since Travis repaid the loan after 29 days, our t is 29.
Hence, our interest is:
[tex]I=600(0.0004305)(29)=7.4907[/tex]
So, the interest charged is about $7.49.
So, after 29 days, Travis paid a total of the original $600 plus an interest of $7.49 for a total of $607.49
