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Using a calculator and the above formula what is the APR. Choose the correct answer. Jim Tree buys his stock on credit at 14%. To the nearest tenth, APR = %.

Respuesta :

Aliwohaish12
Hi there

APR=(1+r/12)^(12)-1)
APR=((1+0.14÷12)^(12)−1)×100
APR=14.93%

Hope it helps

Answer:

APR for the given given credit rate of 14% is 14.9%

Step-by-step explanation:

Rate of Credit = 14%

Time = 1 year = 12 months

The Annual Principal Rate or APR is calculated by using the formula :

[tex]APR = [(1-\frac{Rate}{12\times 100})^{Time}-1]\times 100\\\\APR =[ (1 - \frac{14}{1200})^{12}-1]\times 100\\\\APR = [1.1493-1]\times 100\\\\\implies\bf APR=14.93\%[/tex]

Hence, APR for the given given credit rate of 14% is 14.9%