Emery opened a credit card at a department store with an APR of 16.82% compounded quarterly. What is the APY on this credit card?

33.64%

63.93%

4.21%

17.91%

Question

Emery opened a credit card at a department store with an APR of 16.82% compounded quarterly. What is the APY on this credit card?

 33.64%

 63.93%

 4.21%

 17.91%

anonymous · Answer

APY = ( [1  +  APR/(compounding frequency)] ^ [compounding frequency] )  -  1

anonymous · Answer

Remember to convert your percentages to decimal numbers before calculating.

anonymous · Answer

I got 17.91% when I plugged in those numbers, thanks!

anonymous · Answer

uw!

anonymous · Answer

btw, you got it right!

anonymous · Answer

What would the equation be for an equation like this?
Iona has a previous balance of $754 on a credit card with a 16.8% APR compounded monthly. If she made a payment of $50 this month, what is the new balance on her credit card?

anonymous · Answer

new question, new post, please.

anonymous · Answer

ok

anonymous · Answer

17.91 % for sure