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2 years ago

Bob businessman offers credit at 20% interest per year. APR?%

Mathematics

2 answers:

ryzh [129]2 years ago

6 0

Answer:

APR = 21.9%.

Step-by-step explanation:

We can assume that Bob businessman offers the 20%, but interest is compounded monthly.

First we must determine the monthly interest rate = 20% / 12 months = 1.667%

to determine the total APR we must calculate compound interest for the year:

compound interest = (1 + r)ⁿ = (1 + 1.667%)¹² = 21.9%

*compound interest refers to interest that gains interest.

scZoUnD [109]2 years ago

4 0

Answer:

Step-by-step explanation:

22.9

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