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Find what is the apy on the credit card

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Reference no: EM132746012

Problem 1: Barbara opens a credit card with an APR of 19.99%. How much is charged in interest this month if her balance is $1250?

A. $19.99
B. $20.82
C. $249.88
D. $16.66

Problem 2: Bart opened a credit card at a department store with an APR of 19.99% compounded monthly. What is the APY on this credit card?

A. 39.98%
B. 26.81%
C. 21.93%
D. 1.67%

Reference no: EM132746012

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