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Business, 05.07.2019 01:20 LindseyN1

Sam is getting ready for a big date when he realizes that he has no money. his roommate, bill, also has no money, but he has a credit card. knowing that nobody will let sam use bill’s credit card, sam asks bill to pull out a cash advance for $120.00. bill agrees under the condition that sam is responsible for all interest that accrues on the cash advance which is a 30% interest rate, compounded monthly. the $120 cash advance is repaid in monthly installments over 5 years. how much should bill ask sam to pay in interest for the cash advance?

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