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OpenStudy (anonymous):
Convert the following credit card rate to the APR. Oregon, 1 3/4% per month
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OpenStudy (anonymous):
1.75%*12=21%
OpenStudy (slaaibak):
isnt it (1 + 0.0175)^12 = i + 1 then i = 23.14% ?
OpenStudy (anonymous):
Never heard of that equation. I figured it's 1.75% per month...so 12 months times 1.75% would equal the annual percentage rate.
OpenStudy (slaaibak):
well, if it's compound interest, you cant multiply it by 12, since your interests earns interest
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