Question

Fees
Annual Fee $30
Transaction Fees Balance tranfers—$10 or 3% of the transaction (whichever is greater)
Cash advance—$10 or 3% of the transaction (whichever is greater)
Penalty Fees Late fee: $35
Over-the-credit-limit: $35
Returned payment: $25

Based on the Schumer Box, what is the transaction fee on a cash advance of $300?
$35
$30
$25
$10

Answer 1

Answer:

$10

Explanation:

The cash advance fee is quoted as $10 or 3% of the transaction fee, whichever is greater.

The cash advance, in this case, is $300.

the transaction fee will be 3% of 300

= 3/100 x $300

=0.03 x $300

=$9

$10 is greater than $9; therefore, the transaction fee will be $10

Answer 2

Answer:

D

Explanation:

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