Multiple Choice
In an emergency, you used your credit card for a cash advance of $100. You just received your statement and your total balance due is $985.00. You want to be sure to pay for the recent cash advance so you send in a payment of $400. Your credit card has an APR of 12%. How much of your $400 payment will apply to the cash advance balance?
A) Since it was the most recent charge, $100 of the new payment will apply to the cash advance balance.
B) It doesn't make any difference since the $985 balance includes the cash advance so the $400 payment will lower your total balance regardless.
C) You can't answer this question as it depends on what the interest rate for cash advances is.
D) None of the above is correct.
Correct Answer:

Verified
Correct Answer:
Verified
Q14: Assuming the APR on your credit card
Q19: Non-profit Credit Counselors should be avoided due
Q29: If Monty buys a new television for
Q51: Consider the "Five Cs of Credit." The
Q71: Which of the five Cs of credit
Q73: Susan has always maintained an excellent credit
Q77: One of the five C's of credit
Q82: What advice would you give to Monty
Q137: Most likely,Jerome is<br>A)unaware of how much of
Q141: Having completed a personal finance class,you are