I dont understand my personal

timer Asked: Feb 24th, 2016

Question description

I dont understand my personal finance homework. One question says:

Sidney took a $150 cash advance by using checks linked to her credit card account. The bank charges a 3 percent cash advance fee on the amount borrowed and offers no grace period on cash advances. Sidney paid the balance in full when the bill arrived.

What was the cash advance fee?
What was the interest for one month at an APR of 20 percent?
What was the total amount she paid?
What if she had made the purchase with her credit card and paid off her bill in full promptly? Assume the credit card has a grace period.

My teacher doesnt explain what we are supposed to do, he only explains concepts of managing your finances.. HELP!

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