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RoseWind [281]
2 years ago
8

Brandon opened a credit card at a department store with an APR of 14.99% compounded monthly. What is the APY on this credit card

? A. 1.25% B. 29.98% C. 16.06% D. 19.55%
Mathematics
1 answer:
pav-90 [236]2 years ago
3 0

Answer:

real annual rate= 0.1606 = 16.06%

Step-by-step explanation:

Giving the following information:

APR= 14.99% = 0.1499

<u>First, we will determine the nominal monthly rate:</u>

Nominal monthly rate= 0.1499/12

Nominal monthly rate= 0.01249

<u>Now, to calculate the real annual rate, we need to use the following formula:</u>

real annual rate= [(1 + Nominal monthly rate)^n] - 1

real annual rate= [(1.01249^12) - 1]

real annual rate= 0.1606 = 16.06%

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see the attached figure with letters to better understand the problem

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