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3 years ago

7

Jays credit card had an apt of 16.53% all of last year, and interest was compounded periodically throughout the year. Which of t

hese statements accurately describes the effective interest rate of jays credit card last year?

1 answer:

oee [108]3 years ago

3 0

The formula is
Effective interest rate = (1 + i/n)^n - 1

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* subsitutes for multiplication.

I recommend using PEMDAS at times:

1 - Parentheses

2 - Exponents and Roots

3 - Multiplication

4 - Division

5 - Addition

6 - Subtraction

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