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Mathematics, 22.06.2019 21:00 haileysolis5

Bob businessman offers credit at 20% interest per year. apr? %

Answers

ansver
Answer from: AshlynPlayz45

Step-by-step explanation:

22.9

ansver
Answer from: meramera50

APR = 21.9%.

Step-by-step explanation:

We can assume that Bob businessman offers the 20%, but interest is compounded monthly.

First we must determine the monthly interest rate = 20% / 12 months = 1.667%

to determine the total APR we must calculate compound interest for the year:

compound interest = (1 + r)ⁿ = (1 + 1.667%)¹² = 21.9%

*compound interest refers to interest that gains interest.

ansver
Answer from: gracie6313

21.9


Step-by-step explanation:i just finished this question on a test and got it right hope this helps

ansver
Answer from: anyar

21.9

Step-by-step explanation:

odyssey ware

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