Answered

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%

Verified Answer :

LucyNeedsMathHelp

The answer is B. 31.88%

tatendagota

Answer:

31.88%

Step-by-step explanation:

The monthly added compound interest will be:

3.89 %

The new APY interest on the credit card = 3.89 + 27.99

                                                                    = 31.88 %

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