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Chapter 4, section 4

Chapter 4, section 4. Cash Advances. I can…. Calculate total finance charges on cash advances. Calculate credit card balances that include cash advances. So what’s a cash advance?. When you get cash from an ATM using your credit card, or by using checks provided by the credit card company.

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Chapter 4, section 4

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  1. Chapter 4, section 4 Cash Advances

  2. I can… • Calculate total finance charges on cash advances. • Calculate credit card balances that include cash advances.

  3. So what’s a cash advance? • When you get cash from an ATM using your credit card, or by using checks provided by the credit card company. • Charges for cash advances are HIGH!!! There is usually a fee and the APR is higher for a cash advance than for purchases. • Periodic charges begin on the day you withdraw money and there is NO grace period! • Example 1 • Check you understanding A & B

  4. So what happens if I make purchases & get a cash advance? • You must calculate your finance charges separately because the rates for each differ. • Example 2 • Check your understanding C & D

  5. Let’s practice • P. 151, 10-17

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