In an emergency, you used your credit card for a $500 cash advance. You just received your statement and your total balance due is $1,859, and the cash advance was the most recent charge
You want to be sure to pay for the cash advance so you send in a payment of $700. Your credit card has an APR of 12 percent. How much of your payment will apply to the cash-advance balance?
A) Because it was the most recent charge, $500 of the payment will apply to the cash-advance balance.
B) It doesn't make any difference because the $1,859 balance includes the cash advance, the $700 payment will lower your total balance regardless, so the amount applied to the cash-advance balance is irrelevant.
C) There isn't enough information to answer the question, because the answer depends on the cash advance's interest rate.
D) None of the above
Answer: D
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