Question

Help!!!!!: Ben opened a credit card at a department store with an APR of 27.99% compounded monthly. What is the APY on this credit card?
2.33%
31.88%
39.27%
55.98%

Answer 1

\[APY = (1 + \frac{ APR }{ m })^m -1\]

Answer 2

Huh..? can you break it down for me im havin a lot of trouble

Answer 3

APY = (1+(APR/m))^m - 1

Answer 4

m = months

Answer 5

can u plug it in and explain as u go pls

Answer 6

come on eulie you can do it

Answer 7

i really cant im so confused and suck at math

Answer 8

APY = (1+(27.99%/12))^12 - 1
APY = (1+(0.2799/12))^12 - 1
APY = (1+0.023325)^12 - 1

can you finish?

Answer 9

no. i hav no idea what any of tha means

Answer 10

plug in to the calculator

Answer 11

mk hold on while i do tht

Answer 12

oh! its 2.33 percent rite?

Answer 13

no
1.023325^12 = ?

Answer 14

1.318751631

Answer 15

1.318751631-1= 0.31875 = 31.88%