Pauline11221 Pauline11221

28-05-2021
Business

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Your credit card company quotes a lending rate of 15.4% APR. How much is the periodic rate (in percentage points) if the company compounds monthly

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ewomazinoade ewomazinoade

31-05-2021

Answer:

1.28%

Explanation:

Periodic rate = APR / amount of compounding

the amount of compounding is equal to the number of months that the company compounds the amount

15.4 / 12 = 1.28%

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