## About Cash Advance Interest Calculator (formula)

The Cash Advance Interest Calculator uses the following formula to determine the interest rate:

**I=P/AW∗100/m**

Where:

- Interest Rate (I) represents the interest rate applied to the cash advance.
- Total Amount Paid (P) is the overall amount paid back for the cash advance.
- Total Cash Advance Withdrawal (AW) refers to the initial amount withdrawn as a cash advance.
- Number of Months (m) denotes the duration it takes to repay the cash advance.

This calculation helps individuals assess the effective interest rate incurred on a cash advance over a specified period, considering both the total amount paid and the time it takes to repay. It is a valuable tool for evaluating the cost of borrowing in such scenarios.