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starrhunter Group Title

Herman opened a credit card at a department store with an APR of 24.45% compounded semiannually. What is the APY on this credit card?

  • one year ago
  • one year ago

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  1. amistre64 Group Title
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    assume a balance of 100, what do you get for the balance at the end of the year when compounding?

    • one year ago
  2. amistre64 Group Title
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    semiannually means 2 times a year the stated APR is for 1 year, so half it to the period rate

    • one year ago
  3. starrhunter Group Title
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    i get 125.94

    • one year ago
  4. starrhunter Group Title
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    but i still dont know how to find apy

    • one year ago
  5. amistre64 Group Title
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    125.94 is good; subtract the original 100

    • one year ago
  6. amistre64 Group Title
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    or look at it this way: APY is simple interest 100(APY) = 125.95

    • one year ago
  7. starrhunter Group Title
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    25.94 is the apy?

    • one year ago
  8. amistre64 Group Title
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    yep

    • one year ago
  9. starrhunter Group Title
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    awesome

    • one year ago
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