To calculate the amount due by the end of the month after taking out a cash advance of $2,790.00 on a credit card with a 3.5% cash advance fee and a 13.5% APR, follow these steps:
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Calculate the cash advance fee: \[ \text{Cash Advance Fee} = \text{Cash Advance Amount} \times \text{Cash Advance Fee Percentage} \] \[ \text{Cash Advance Fee} = 2,790.00 \times 0.035 = 97.65 \]
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Calculate the total amount after the fee: \[ \text{Total Amount} = \text{Cash Advance Amount} + \text{Cash Advance Fee} \] \[ \text{Total Amount} = 2,790.00 + 97.65 = 2,887.65 \]
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Calculate interest for the month: The APR of 13.5% needs to be converted to a monthly rate by dividing by 12: \[ \text{Monthly Interest Rate} = \frac{13.5%}{12} = 1.125% \] \[ \text{Monthly Interest Rate} = \frac{1.125}{100} = 0.01125 \] Now calculate the interest on the total amount: \[ \text{Interest} = \text{Total Amount} \times \text{Monthly Interest Rate} \] \[ \text{Interest} = 2,887.65 \times 0.01125 = 32.49 \]
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Calculate the total amount due by the end of the month: \[ \text{Amount Due} = \text{Total Amount} + \text{Interest} \] \[ \text{Amount Due} = 2,887.65 + 32.49 = 2,920.14 \]
Therefore, the amount due by the end of the month is $2,920.14.
So, the correct response is: \[ \text{ } $2,920.14 \]
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