Asked by christopher
For paying your credit card bill on time on a consistent basis, your bank rewarded you anddecreased your credit card APR by 4%. However after a few months, you forgot to pay your bills and they raised your current credit card APR by 4%. You thought that the -4% +4% was a 0% change but it wasn't. By what did your bank actually increase/decreaseyour credit card APR by? (Show all work and round your percent to 2 decimal places.)
having a hard time could someone help me out?
having a hard time could someone help me out?
Answers
Answered by
oobleck
4% down leaves you at 0.96 of the starting rate.
then 4% up gives you 1.04 * 0.96 = 0.9984 of the starting rate.
so you actually wind up with a 0.16% lower rate
then 4% up gives you 1.04 * 0.96 = 0.9984 of the starting rate.
so you actually wind up with a 0.16% lower rate
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.