## kaylababyy94 2. Danielle opens a credit card with an APR of 22.79% compounded monthly. How much is charged in interest this month if her balance is \$1550? (1 point) \$353.25 \$129.17 \$29.44 \$22.79 3. Expert Card has an APR of 20.4% compounded monthly. Passport has a daily periodic interest rate of 0.0425%. Explore has a monthly periodic interest rate of 1.55%. Which card has the higher APR? (1 point) Expert Card Passport Explore Expert Card and Explore are equally high one year ago one year ago

1. mathstudent55

2. 22.79%/year = 27.99/100/12 /month = 0.0189917 0.0189917 x \$1550 = \$29.44

2. kaylababyy94

Do you know 3?

3. jerry_5594

Expert Card and Explore are equally high

4. kaylababyy94

Can I get help on some more?

5. kaylababyy94

4. Earl opened a credit card at a department store with an APR of 20.95% compounded daily. What is the APY on this credit card? (1 point) 5.74% 23.30% 41.90% 46.29% 5. Choose the fragment that best completes the following sentence. The billing cycle of a credit card is the time period (1 point) between your last payment and your current payment. between your last closing date and your current closing date. when you can make a payment without owing late charges. when you can pay off your balance without owing any interest. 6. Iona has a previous balance of \$754 on a credit card with a 16.8% APR compounded monthly. If she made a payment of \$50 this month, what is the new balance on her credit card? (1 point) \$714.56 \$830.67 \$704.00 \$880.67

6. mathstudent55

F = P(1 + i)^n F = future value P = present value i = interest rate per period (as decimal) n = number of periods All you need ot compare here is the part of teh formula that deals with the interest: (1 + i)^n Expert: 20.4%/year compounded monthly Passport: 0.0425%/compounded daily Explore: 1.55%/month Expert (1 + 20.4/100/12)^12 = 1.2242, or 22.42% interest per year Passport (1 + 0.000425)^365 = 1.1678, or 16.78% interest per year Explore (1 + 0.0155)^12 = 1.2027 or 20.27% interest per year Highest interest is on Expert

7. kaylababyy94

I don't understand this stuff. /: Do you know the answers?

8. mathstudent55

4. 20.95% compounded daily I = (1 + i)^n = (1 + 20.95/100/365)^365 = 23.299%

9. kaylababyy94