Many bank credit card issuers charge a transaction fee for non-ATM cash advances. Latasha has a bank credit card. If she takes a non-ATM cash advance, the bank will charge her 2% of the amount of the advance, or a flat fee of $5, whichever is more. Latasha needs to obtain a non-ATM cash advance of $50.
What is her transaction fee? $
This week Latasha is out of town, and has access to cash advances only by non-ATM methods. For each non-ATM cash advance that she takes, she will be charged 2% of the amount of the advance, or a flat fee of $5, whichever is more.
• Latasha took five cash advances during the week, each for $10. What is the total of her cash advances for that week? $
• What would the transaction fee be, based on percentage, for each cash advance? $
• What would the minimum transaction fee be for each cash advance? $
• Which transaction fee will be charged for each of Latasha’s advances? $
• What will be the total of her transaction fees for the week? $
• If Latasha had taken just one cash advance for $50 at the beginning of the week, what would her transaction fee have been? $
• lower transaction fees by $