Answer:
the APY on this credit card is 15.56%
Step-by-step explanation:
The computation of the APY is as followS:
The nominal monthly rate is
= 0.1455 ÷ 12
= 0.012125
Now
real annual rate= [(1 + Nominal monthly rate)^number of months] - 1
= [(1.0.12125^12) - 1]
= 15.56%
Hence, the APY on this credit card is 15.56%
The same is considered by applying the given formula
