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What is the apy on the credit card

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Reference no: EM132807764

Problem 1: Faith opens a credit card with an APR of 16.50% compounded monthly. How much is charged in interest this month if her balance is $1,050?

A.$173.25

B.$87.50

C.$16.50

D.$14.44

Problem 2: Herman opened a credit card at a department store with an APR of 24.45% compounded semiannually. What is the APY on this credit card?

A.48.90%

B.12.13%

C.33.63%

D.25.94%

Reference no: EM132807764

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