A credit card company charges a nominal rate of 2% per month.
If a customer has purchases $100 worth of goods on his credit, calculate the amount she will owe after one year, and also the annual percentage rate (APR).
how to get the answer, coz i don't understand that calculation for the formula (course note's answer) is
(26.82 X 10%) 100 X 100% = 26.82%
after i use the above to find the answer can't get the 26.82%, and why need to X 10%? is typing error?
If a customer has purchases $100 worth of goods on his credit, calculate the amount she will owe after one year, and also the annual percentage rate (APR).
how to get the answer, coz i don't understand that calculation for the formula (course note's answer) is
(26.82 X 10%) 100 X 100% = 26.82%
after i use the above to find the answer can't get the 26.82%, and why need to X 10%? is typing error?