mimorkmirbelby mimorkmirbelby

Today at 10:29 PM
Mathematics

Answered

Help!!!!!: Ben opened a credit card at a department store with an APR of 27.99% compounded monthly. What is the APY on this credit card?
2.33%
31.88%
39.27%
55.98%

Answer :

LucyNeedsMathHelp LucyNeedsMathHelp

Today at 10:34 PM

The answer is B. 31.88%

Answer Link

tatendagota tatendagota

Today at 10:34 PM

Answer:

31.88%

Step-by-step explanation:

The monthly added compound interest will be:

3.89 %

The new APY interest on the credit card = 3.89 + 27.99

= 31.88 %

Answer Link

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