Answered

Westonci.ca makes finding answers easy, with a community of experts ready to provide you with the information you seek. Explore our Q&A platform to find reliable answers from a wide range of experts in different fields. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

Izzy just received a credit card offer in the mail. The credit card has an APR of 17.16%. What is the monthly interest rate that will apply to any unpaid balances on this credit card

Sagot :

Baraq

Answer:

1.43%

Explanation:

Given that the monthly interest rate that will apply to any unpaid balances on the credit card will be in compound interest. And therefore, for an APR (Annual Percentage Rate) of 17.16% and assuming a 12 months

Then we have 17.16% divided by the 12 months available.

Hence, in this case, we have 1.43% as the correct answer.

We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.