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klio [65]
2 years ago
5

Our credit card company quotes you a rate of 14.9%. interest is billed monthly.What is the actual rate of interest you are payin

g?
Business
2 answers:
Anna11 [10]2 years ago
8 0

Answer:

15%

Explanation:

because most company don't want to calculate interest of decimal number so they rounded it

maxonik [38]2 years ago
5 0

Answer: 15.96%

Explanation: im not sure, the rate is said in the question but there's no way its that obvious so

let the PV b = 100

fv = PV(1+r)^n

fv= 100(1+0.149/12)^12

fv= 115.96

115.96 = 100(1+I/Y)^1

1.1596 = 1+I/Y

I/Y = 0.1596, or 15.96%

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