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02-05-2019
Mathematics

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shelby's monthly periodic rate is 1.95%. what is the APR?

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NicoleLimaaa NicoleLimaaa

02-05-2019

Monthly periodic rate = 1.95%

The APR is the annual periodic rate

The annual periodic rate is the monthly rate multiplied by 12, because there are 12 months in a year

APR = monthly periodic rate X number of months in a year

= 1.95% X 12

= 23.4%

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