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Our credit card company quotes you a rate of 14.9%. interest is billed monthly.What is the actual rate of interest you are paying?

Answer :

abushabebe0690 abushabebe0690

Today at 6:47 PM

Answer:

15%

Explanation:

because most company don't want to calculate interest of decimal number so they rounded it

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xxkawaiibaddiexx xxkawaiibaddiexx

Today at 6:47 PM

Answer: 15.96%

Explanation: im not sure, the rate is said in the question but there's no way its that obvious so

let the PV b = 100

fv = PV(1+r)^n

fv= 100(1+0.149/12)^12

fv= 115.96

115.96 = 100(1+I/Y)^1

1.1596 = 1+I/Y

I/Y = 0.1596, or 15.96%

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