14-05-2014
Mathematics

Answered

Convert the credit card rate to the APR. Oregon 2/14% per month.

Verified Answer :

kate200468 kate200468

15-05-2014

\(p= \frac{2}{14}\%\\\ =4\ [months]\\\\x=credit\cdot (1+p)^n\\ \\x=credit\cdot (1+ \frac{2}{14}\cdot \frac{1}{100})^4=credit\cdot (1+ \frac{1}{700} ) ^4=credit\cdot (\frac{701}{700} )^4\\ \\x\approx credit \cdot1.0057\)

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