A person charges $100 to a credit card with a 24% nominal annual interest rate. Assuming no other charges or payments are made,
find the balance on the card, in dollars, after 1 year for interest calculated at each time interval. Round to the nearest cent if necessary.
a. annually $
b. every 6 months
C. every 3 months $
d. monthly
e. daily $
If you have a credit card with a 24% APR, that's the rate you're charged over 12 months, which comes out to 2% per month. Since months vary in length, credit cards break down APR even further into a daily periodic rate (DPR). It's the APR divided by 365, which would be 0.065% per day for a card with 24% APR. Hope this helps. :D
To find the probability that a student is a liberal arts or female, we have to add together all of the people who were female or liberal arts majors in the study. If we add those together, (15 + 18 + 17 + 20) we get 70. 70/100 can be simplified to 7/10.
