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Determine how much is charged in interest the month

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Reference no: EM132739807

Problem 1: Wilson opens a credit card with an APR of 27.65% compounded monthly. How much is charged in interest this month if his balance is $1,475?

A.$27.65

B.$53.35

C.$122.92

D.$33.99

Problem 2: Elizabeth opened a credit card at a department store with an APR of 17.71% compounded quarterly. What is the APY on this credit card?

A.4.43%

B.18.92%

C.23.45%

D.35.42%

Reference no: EM132739807

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