Question

I need help with a math problem.

Answer 1

what kind

Answer 2

College Algebra

Answer 3

uhhh im in 7th grade so i cant help you with that sorry

Answer 4

can you post hte screenshot, so someone can help if they can

Answer 5

Part 1: Explain which companies would advertise APR over APY and describe how this would help them attract customers. (4 points)
Part 2: Create a unique APR (state how often the rate is compounded) and calculate the corresponding APY. Use a comparison of the two rates to verify your answer to part 1. (4 points)

Answer 6

@AZ
if you know finance xd

Answer 7

I don't lololololll

Answer 8

xddd, that's why i tagged someone else, idk either

Answer 9

https://questioncove.com/updates/522d1cc3e4b0fbf34d63401f
kek

Answer 10

I tried using that its so confusing idek

Answer 11

Do you know the difference between APR and APY?

Answer 12

nope I don't know anything lmao

Answer 13

google xdd

Answer 14

I have part 1 I just need part 2

Answer 15

Well, you'll first need to think of like a random scenario with random numbers and stuff, for example, what do you want the interest to be, the time, etc.

Answer 16

a random number? what about 7

Answer 17

In this screenshot, you can see that you need an interest amount, a period of time, and the principal amount
To get the interest amount, you need time, which means like think of for how long of a span do you want this for, using that, you can think of an interest rate, and then calculate the interest?
and then put those all into the equation?

Answer 18

https://www.investopedia.com/terms/a/apr.asp#:~:text=2%EF%BB%BF-,How%20Is%20APR%20Calculated%3F,is%20applied%20to%20the%20balance.

Answer 19

so I can just pick random things to enter in that equation

Answer 20

Uh, kinda, like, you have to know that like..... the time... rate.... interest....
and to write those values down, because you ahve to use the same numbers and stuff to calculate APY

Answer 21

yikes idk

Answer 22

Hmm, I think that APY will be easier to calculate, I just tried to xd, altho i'm notsure if I did right or not lmao

Answer 23

For example, you can calculate the rate to be 7%, and the periods per year tobe 4 times
So, 7% interest 4 times a year, putting that into the equation it would be
(1+(0.07/4))^4 -1

Answer 24

From ^^^ I get
0.07185903128, which is about 7.2% ig
Idk

Answer 25

okkkkkkkk thanks!!!!

Answer 26

xdxdxdxdxdddd
but then APR confuses me... that equation looks much... harder to do ig

Answer 27

lemme first try it myself xd and tehn if i get it i'll post it

Answer 28

okay, thank you

Answer 29

wait wait wait wait
for the APR i'll need a principal amount-
but APY doesnt need it, i'm confused again

Answer 30

yeah I don't even understand my math class rn

Answer 31

If one equation is vastly different from teh other, one has and the other doesn't have the principle amount, won't the thing change?
bc looking at it again, all you really need to do is interest/principle times 100
so if i need a principle amount, it'll be really different

Answer 32

you're in college?

Answer 33

OHHHHHHHH nermind, because the numerator depends on the denominator and such, the principal amount doesn't matterxdddd, well, it does but like-

Answer 34

no I'm in high school

Answer 35

kek, i got 28 percent what the heck

Answer 36

oh

Answer 37

haha idkkkk

Answer 38

xdxdxdxdddd
So, I stayed with 4 periods, 7% interest rate, maybe i did the find interest part wrong._.
i'm not sure if i'm supposed to do it using compound interest or simple interest

Answer 39

And I also dk whether I should find the interest annually or quarterly since I'm sticking with n=365 so I don't' have to multiply it by 365 later

Answer 40

compound I think

Answer 41

oof

Answer 42

then i'd do it quarterly k

Answer 43

wait so that confuses me again, am i getting teh interest or am i subtracting the interest xd

Answer 44

actually you can do whatever

Answer 45

my teacher just asked make up your own scenario

Answer 46

Create a unique APR (state how often the rate is compounded) and calculate the corresponding APY. Use a comparison of the two rates to verify your answer to part 1.

Answer 47

Principle: 1000
Quarterly/4 times
Time: one year/365 days
Interest rate: 7%

First time: 70 dollars - left with 930
Second time: 65.1 - left with 864.9
Third time: 60.543 - left with 804.357
Fourth time: 56.30499 - 748.05201
Now we fidn the whole amoutn of interest taken away
70 + 65.1 + 60.543 +56.30499 = 251.94799

And then since we did 365 days, we can cross simplify it so we only do
interest/principle
So
251.94799/1000 = 0.25194799
Which is about 25%

Answer 48

and then idk, the first one was like 7% this one is like 25%
i have no idea what you're comparing but like-

Answer 49

omg thank you

Answer 50

kek, but i'm probably wrong tho lmaoooo

Answer 51

Principle: 1000
Quarterly/4 times
Time: one year/365 days
Interest rate: 7%

First time: 70 dollars - left with 930
Second time: 65.1 - left with 864.9
Third time: 60.543 - left with 804.357
Fourth time: 56.30499 - 748.05201
Now we fidn the whole amoutn of interest taken away
70 + 65.1 + 60.543 +56.30499 = 251.94799

And then since we did 365 days, we can cross simplify it so we only do
interest/principle
So
251.94799/1000 = 0.25194799
Which is about 25%

Answer 52

so that's the right one?

Answer 53

not the other ones?

Answer 54

That is APR ^^^^

Answer 55

For APY i ddint write all the steps but i wrote
For example, you can calculate the rate to be 7%, and the periods per year tobe 4 times
So, 7% interest 4 times a year, putting that into the equation it would be
(1+(0.07/4))^4 -1
From ^^^ I get
0.07185903128, which is about 7.2% ig

Answer 56

then do you calculate the APY from that APR you did?

Answer 57

\(\color{#0cbb34}{\text{Originally Posted by}}\) @snowflake0531
For APY i ddint write all the steps but i wrote
For example, you can calculate the rate to be 7%, and the periods per year tobe 4 times
So, 7% interest 4 times a year, putting that into the equation it would be
(1+(0.07/4))^4 -1
From ^^^ I get
0.07185903128, which is about 7.2% ig
\(\color{#0cbb34}{\text{End of Quote}}\)
APY

Answer 58

\(\color{#0cbb34}{\text{Originally Posted by}}\) @snowflake0531
Principle: 1000
Quarterly/4 times
Time: one year/365 days
Interest rate: 7%

First time: 70 dollars - left with 930
Second time: 65.1 - left with 864.9
Third time: 60.543 - left with 804.357
Fourth time: 56.30499 - 748.05201
Now we fidn the whole amoutn of interest taken away
70 + 65.1 + 60.543 +56.30499 = 251.94799

And then since we did 365 days, we can cross simplify it so we only do
interest/principle
So
251.94799/1000 = 0.25194799
Which is about 25%
\(\color{#0cbb34}{\text{End of Quote}}\)
APR

Answer 59

and i ss'ed the formulas in a couple of the above screenshots already

Answer 60

ok thank you sm

Answer 61

lel

what grade are you in, what class is this for?

Answer 62

college algebra

Answer 63

never heard of that class b4 but k

Answer 64

huh, google says it's like algebra 2
but.... APR and APY is for like finance.... or something idk and bye xddd