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ikrabbe ikrabbe
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6 years ago
The Brick store credit card quotes a rate of 1.75% per month on the unpaid balance. When Leons took over Brick's management, they reduced the card's effective rate by 4%. What will be the new periodic rate per month?
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Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
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#1
6 years ago
Effective rate for 1.75% per month =   - 1 = 23.14%
New effective rate = 23.14% - 4% = 19.14%

   0.1914 =   - 1
⇒      = 1.1914
⇒   1+i = 
⇒   i =   - 1
⇒   i = 0.0147 = 1.47%
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