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guapka [62]
3 years ago
11

Caleb has an offer from a credit card issuer for 0% APR for the first 30 days and 17.68%

Mathematics
2 answers:
Dominik [7]3 years ago
8 0

Answer:

17.61%

Step-by-step explanation:

Apex is the source

svetlana [45]3 years ago
6 0

Solution:- Answer is 19.33%

Annual percentage rate (APR) is the yearly rate for a price which have to pay for borrowing money through credit card.

Here Caleb has an offer from a credit card issue for i=0% APR for the first 30 days.

now, effective interest rate for n= 30 days  

=r=(1+\frac{i}{n} )^n-1\\\Rightarrow\ r=(1+\frac{0}{30} )^{30}-1\\\Rightarrow\ r=(1+0)^{30}-1=1-1=0

After 30 days APR =17.68%=0.1768

n=365-30=335 days

now the effective interest rate for n=335 days

=r=(1+\frac{i}{n} )^n-1\\\Rightarrow\ r=(1+\frac{0.1789}{335} )^{335}-1\\\Rightarrow\ r=(1+0.000527)^{335}-1=(1.000527)^{335}-1=1.1933-1=0.1933

=19.33%

So the effective interest rate for 365 days =0+19.33% =19.33%

So fourth option is correct.

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\text{Given that }\$7000 \text{ is compounded semiannualy at a rate of }11\% \text{ for 21 years}\\
\\
\text{we know that the amount after t year when compounded is given by}\\
\\
A=P\left ( 1+\frac{r}{n} \right )^{nt}\\
\\
\text{here P is the principal amoount, so }P=7000,\\
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