2 years ago

If a store credit account charges 1.5% interest each month, what is the APR?

2 answers:

7 0

If the monthly interest is 1.5%, then the APR is

100 [ (1.015)¹² - 1 ] = <u>19.56 %</u>

You might think that it would be (12 x 1.5) = 18% , but it's not.

The interest is compounded. That means interest is added this month,
and then it becomes part of the amount on which interest is charged
next month.

So you're charged interest on interest, and it adds up.

Anuta_ua [19.1K]2 years ago

6 0

The APR is the annual percentage rate
therefore the APR is 1.5x12=18%

You might be interested in

60203 round to nearest ten

Bas_tet [7]

60200 since the three rounds down

5 0

2 years ago

Read 2 more answers

Find the greatest common divisor of 100 and 254, using • prime factorization- • euclidean algorithm-

larisa [96]

Via prime factorization:

$100=10^2=2^2\cdot5^2$
$254=2\cdot127$

of which the only common factor is a single power of 2, so $\mathrm{gcd}(100,254)=2$ .

Via the Euclidean algorithm:

$254=2\cdot100+54$
$100=1\cdot54+46$
$54=1\cdot46+8$
$46=5\cdot8+6$
$8=1\cdot6+2$
$6=3\cdot2+0$

which means $\mathrm{gcd}(100,254)=2$ , as expected.

4 0

2 years ago

In what ways does adding a constant or coefficient to a quadratic equation affect the graph

lesya692 [45]

A constant can either shift the graph up or down. If coefficient is less than 1 it will make the graph wider, if it's more than 1 it will make graph more narrow

7 0

2 years ago

Rewrite the expression without using grouping symbols.

Arte-miy333 [17]

Answer:

12x -12*17

Step-by-step explanation:

12(x – 17)

We can distribute the 12 to both terms inside the parentheses

12*x - 12*17

12x -12*17

5 0

3 years ago

If the diameter of a circle is 27 then the radius is...

Julli [10]

The radius is 13.5.

5 0

2 years ago

Read 2 more answers