jbarrientos270061
jbarrientos270061 jbarrientos270061
  • 02-03-2020
  • Mathematics
contestada

reca was approved for a credit card that charges an apr of 26% what is her monthly interest rate?

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opudodennis
opudodennis opudodennis
  • 10-03-2020

Answer:

[tex]i_m=0.01945[/tex] or 1.945%

Step-by-step explanation:

Term annual percentage rate(APR) is the annual interest rate charged ona financial year for a duration of one year. APR can be converted to weekly, monthly, daily or even semi-annual rates using the below formula.

Effective rate for period = (1 + annual rate)(1 / n of periods) – 1

Rate is given as:

[tex]i_m=(1+i)^\frac{1}{12}-1\\i_m=(1+0.26)^\frac{1}{12}-1\\i_m=0.01945[/tex]

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