Question

Convert the credit card rate to the APR.  Oregon 2/14% per month.

Answer 1

`p= (2)/(14)\%\\\\n=4\ [months]\\\\x=credit\cdot (1+p)^n\\ \\x=credit\cdot (1+ (2)/(14)\cdot (1)/(100))^4=credit\cdot (1+ (1)/(700) ) ^4=credit\cdot ((701)/(700) )^4\\ \\x\approx credit \cdot1.0057`