You place $4,000.00 in a bank account with an interest rate of 5.25% APR and another $2,000.00 in an account with an interest ra

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rusak2 [61]

1 year ago

10

You place $4,000.00 in a bank account with an interest rate of 5.25% APR and another $2,000.00 in an account with an interest ra

te of 6.00% APR. After 6 months, which account will have earned the most interest

Business

1 answer:

RUDIKE [14] · Answer 1 · 2023-12-31T07:58:02+03:00

The $4000 with an APR of 5.25%.

The term annual percentage rate of charge, sometimes referred to as a nominal APR and sometimes referred to as an effective APR, refers to the interest rate for the entire year, rather than just a monthly fee/rate, as applied to a loan, mortgage loan, credit card, and so on. It is a finance charge calculated on an annual basis.

A good credit card APR is 14% or less. That's lower than the average credit card APR and comparable to the rates charged by credit cards for people with excellent credit, which typically have the lowest regular APRs. A great credit card APR, on the other hand, is 0%.

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