Cash Advance Interest Calculator
Cash Advance Interest Calculator
Component |
Description |
Principal Amount |
The initial amount of the cash advance. |
Interest Rate |
The interest rate applied to the cash advance. |
Time Period |
The duration over which the interest is calculated. |
Interest Amount |
The total interest charged on the cash advance. |
Formula |
Interest Amount = Principal Amount × Interest Rate × Time Period |
Purpose |
Used to calculate the interest charged on a cash advance, helping individuals understand the cost of borrowing. |