Jack's credit card has a 20% APR. Find the periodic interest rate from June 3
1 answer:
Answer:
B. 1.67%
Step-by-step explanation:
The periodic rate is the annual interest rate divided by the number of periods.
- The period from June 3 to July 2 is a Month.
- There are 12 Months in a Year
Therefore, we divide the annual interest rate by 12.
Therefore, the periodic interest rate for Jack's credit card from June 3
to July 2 is 1.67%.
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So, you will end up graphing this:
y=8-x
y=(34/3)-(5/3)x
They will meet at (5,3)