Arnold’s credit card had an APR of 14.18% all of last year, and interest was compounded periodically throughout the year. Which
2 answers:
You might be interested in
Answer:
the annual interest rate is 7.583%
Step-by-step explanation:
We are given
Summer has an offer to buy an item with a sticker price of $13,200
so, we have
P=13200
paying $460 a month for 36 months
so, we can find total amount
Let's assume
annual interest is r
total time =36 months
so, total number of years =3
Since, it is compounded monthly
so, n=12
now, we can use formula
now, we can plug values
now, we can solve solve for r
So, the annual interest rate is 7.583%