Daniel 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 27%. If the television costs $380.00 and Daniel plans to pay the balance off in 8 months, how much extra will he pay in interest to purchase the television? *Great time to practice the formula:

What’s the PV =

What’s the I =

What’s the n =

Use the formula and try to find the payment amount first (desmos)

Now, use the payment to find out how much he will payback in total

Lastly, subtract from the original PV to isolate extra money you had to pay back.

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