All categories

3 years ago

A credit card advertises an annual interest rate of 23%.

2 answers:

7 0

Its 1.91666666667
because
all you are doing is finding the monthly interest rate
so
divide by 12
because
there are 12 months in a year
and
you have your answer
hope this helps!

avanturin [10]3 years ago

5 0

What is the equivalent monthly interest rate?

If 23% is compounded each month, there will be 12 intervals and then the monthly rate is:

23 ÷ 12 = 1.92 %

If 23% is compounded annually, then the monthly rate would be:

Rate = (1 + 23%)⁰°⁸³³ (power is 0.833 or 1/12)

= 1.23⁰°⁸³³ (power is 0.833 or 1/12)

= 1.0174 - 1 x 100

= 1.74 %

You might be interested in

Brian invests ?1900 into a savings account. The bank gives 3.5% compound interest for the first 2 years and 4.9% thereafter. How

Scorpion4ik [409]

let's check how much is it after 2 years firstly.

$\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &1900\\ r=rate\to 3.5\%\to \frac{3.5}{100}\dotfill &0.035\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{yearly, thus once} \end{array}\dotfill &1\\ t=years\dotfill &2 \end{cases} \\\\\\ A=1900\left(1+\frac{0.035}{1}\right)^{1\cdot 2}\implies A=1900(1.035)^2\implies A=2035.3275$

Brian invested the money for 6 years, so now let's check how much is that for the remaining 4 years.

$\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &2035.3275\\ r=rate\to 4.9\%\to \frac{4.9}{100}\dotfill &0.049\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{yearly, thus once} \end{array}\dotfill &1\\ t=years\dotfill &4 \end{cases}$

$\bf A=2035.3275\left(1+\frac{0.049}{1}\right)^{1\cdot 4}\implies A=2035.3275(1.049)^4 \\\\\\ A\approx 2464.54\implies \boxed{\stackrel{\textit{rounded up }}{A=2465}}$

4 0

3 years ago

ILL GIVE U BRAINLISTTT!!!!!

amm1812

exponnential cannot be negative. So A is out

quadratic function cannot also. So B is out.

C is the only one remaining...

5 0

3 years ago

Read 2 more answers

In the following table of values, the first differences are

ExtremeBDS [4]

Answer:

-7

Step-by-step explanation:

Given

$\begin{array}{ccc}x & {y} & {First\ difference} & {-2} & {34} & {}&{-1} & {27} & {} &{0} & {20} & {} & {1} & {13} & {} & {2} & {6} &{} \ \end{array}$

Required

The first difference

To do this, we simply calculate the difference between the consecutive y-values.

i.e.

$d = y_{n+1} - y_n$

So, we have:

$d = y_2 - y_1 = 27 - 34 = -7$

$d = y_3 - y_2 = 20 - 27 = -7$

$d = y_4 - y_3 = 13 - 20 = -7$

$d = y_5 - y_4 = 6-13 = -7$

<em>Hence, the first differences are -7 (all through)</em>

5 0

3 years ago

The value of -7 + 24 ÷ (-3)(2) is _____.<br><br> Show work

densk [106]

Answer:

$\boxed{=-23}$

Explanation: You had to used pemdas stands for: p-parenthesis, e-exponents, m-multiply, d-divide, a-add, and s-subtracting that came from left to right.

First you had to multiply and divide from left to right.

$24/(-3)=-8(2)$