Ask Question
MathematicsMathematics
10 March, 11:31

Eden opened a credit card at a department store with an APR of 19.07% compounded monthly. What is the APY on this credit card?

+1
Answers (1)
  1. 10 March, 12:30
    0
    APR = Annual Percentage Rate; APY = Annual Percentage Yield.

    This is a tough question!

    To get the APY we use the compounding formula (A = P (1+r/n) ^nt) and put $1 in for the principal and see what our final amount is at 19.07% after a year.

    A = 1 (1+.1907/12) ^12

    A = 1.0159^12

    A = 1.2083 This means that we paid 0.2083 on our dollar after a year which means the APY is 20.83%.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Eden opened a credit card at a department store with an APR of 19.07% compounded monthly. What is the APY on this credit card? ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Y = 5x - 6 Identify the y-intercept of the following equation.
Answers (2)
At a local basketball game all tickets are the same price and all souvenirs are the same price. Mr. Smith bought 2 tickets to this basketball game and 1 souvenir for a total of $17.25. Ms.
Answers (1)
Children of age 3-6 years require 25% less sleep per day than infants, who need 16hours. How much slee do the 3-6 year olds need?
Answers (2)
What's the equivalent ratio of 3/24 = 33/?
Answers (1)
5 + (1/x) - (6/x²) / (2/x) - (2 / (x-2))
Answers (1)
New Questions in Mathematics
What would 1.2 be as a fraction
Answers (1)
The hypotenuse of a right triangle is always opposite from which of the following? A. acute angle B. my right angle C. obtuse angle D. none of the above
Answers (1)
Giorgio surveyed 45 randomly selected shoppers at the mall and found that approximately 24% believe that the food court needs to be remodeled. To the nearest percent, with a confidence level of 99% (z*-score 2.
Answers (1)
What is the perimeter of a polygon with vertices at (-2, 1) , (-2, 4) , (2, 7) , (6, 4) , and (6, 1) ? Enter your answer in the box. Do not round any side lengths. units
Answers (1)
Luis, marissa, and Federico are raising money for a school trip. Luis raised 6/7 of the total amount needed marissa has raised 5/9 of the total amount needed, and Federico has raised 11/10 of the total amount needed. Who raised the most money?
Answers (1)
Home » Mathematics » Eden opened a credit card at a department store with an APR of 19.07% compounded monthly. What is the APY on this credit card?
Sign Up Forgot Password?