Today, you borrowed $12,200 on your credit card to purchase some furniture. The interest rate is 16.8 percent, compounded monthl
1 answer:
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Explanation:
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Answer:
0.2571 or 25.71%
Explanation:
In this case, even though the initial amount invested is not given, it can be found by subtracting the amount by which the investment appreciated of the year-end value:
The return rate is given by the interest payed added to the amount appreciated, divided by the initial investment:
The customer's total return is 0.2571 or 25.71%