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. 5 full years go by before the $120 cash advance is repaid. how much should bill ask sam to pay in interest for the cash advance?

$41.86

Explanation:

Principal (P) = $120

Rate (r) = 30%

Time (t) = 5 years

N = 12 months

Compound interest (A) = P(1 + r/n)^nt

A = 120 * (1 + 0.3/12)^ 60

A = 120 * ( 1 + 0.005)^60

A = 120 * (1.005)^60

A = 120 * 1.3488

A = 161.862

The compounded interest is $161.862

Bill should ask sam to pay back ($161.862 - $120) = $41.86 in advance for the loan

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seeing as no choices were provided, i'll do my best to answer it from knowledge.

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