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Evgen [1.6K]
3 years ago
14

You charge 2500 to a credit card. Use the compound interest formula to find the new amount you owe on your credit card after 6 m

onths 20% APR compounded daily (assuming you don’t make any payments)

Mathematics
1 answer:
mrs_skeptik [129]3 years ago
4 0

Answer: Well This is what  24% APR on a credit card is?

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.

Step-by-step explanation:

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