Sam is getting ready for a big date when he realizes that he has no money. his roommate, bill, also has no money, but he has a credit card. knowing that nobody will let sam use bill’s credit card, sam asks bill to pull out a cash advance for $120.00. bill agrees under the condition that sam is responsible for all interest that accrues on the cash advance which is a 30% interest rate, compounded monthly. 5 full years go by before the $120 cash advance is repaid. how much should bill ask sam to pay in interest for the cash advance?

This can be answered using the compound interest formula, which is as follows:

F = P (1 + r/n)^nt
Where:
F = future value
P = Principal value
r = yearly interest rate
n = interest period
t = duration in years

Substituting the given values:

F = 120(1 + 0.3/12)^12(5)
F = 527.97

Since the value being asked is the interest to be paid, the future value is to be subtracted by the principal value to obtain the interest. This will be:

interest = F - P
interest = 527.97 - 120
interest = 407.97

Therefore, Bill should ask Sam to pay $407.97 as interest for the cash advance.

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