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starrhunter Group Title

Bart opened a credit card at a department store with an APR of 19.99% compounded monthly. What is the APY on this credit card? 39.98% 26.81% 21.93% 1.67%

  • one year ago
  • one year ago

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  1. jim_thompson5910 Group Title
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    Use the formula APY = (1 + r/n)^n - 1 where APY = annual percentage yield r = APR n = compounding frequency

    • one year ago
  2. jim_thompson5910 Group Title
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    In this case APY = unknown (solving for this) r = 0.1999 n = 12

    • one year ago
  3. starrhunter Group Title
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    So I would just plug in what I know into the equation then?

    • one year ago
  4. jim_thompson5910 Group Title
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    yes correct

    • one year ago
  5. starrhunter Group Title
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    Thank you

    • one year ago
  6. jim_thompson5910 Group Title
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    yw

    • one year ago
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