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Artemon [7]
3 years ago
11

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 $
Mathematics
1 answer:
Darina [25.2K]3 years ago
3 0

Answer:

im assuming its daily

Step-by-step explanation:

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

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