Ask Question
27 February, 15:25

Justin has a credit card with a limit of $1,000 and an introductory APR of 0% for six months. After that the, APR for purchases is 22.9%. The APR for cash advances is 24.9%. The penalty APR is 29.4%. The annual fee is $39, the late payment fee is $35, and the over limit fee is $29. Justin obtains $350 from an ATM using his credit card. Which of the following APRs apply to his account?

Select the best answer from the choices provided.

A. 24.9%

B. 22.9%

C. 29.4%

D. 0%

+1
Answers (1)
  1. 27 February, 16:40
    0
    Given:

    APR for first six months = 0%

    APR for purchases after the 1st six months = 22.9%

    APR for cash advances = 24.9%

    APR for penalties = 29.4%

    Obtaining $350 from an ATM using his credit card is a form of Cash Advances. So, the APR for this transaction is 24.9% Choice A.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Justin has a credit card with a limit of $1,000 and an introductory APR of 0% for six months. After that the, APR for purchases is 22.9%. ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers