The APR on a Charge Account Is 13

question 12

Short Answer

The APR on a charge account is 13.8%. What is the monthly rate?

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Definitions:

Liability

An obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer of assets, provision of services, or other yielding of economic benefits in the future.

Par Value

The nominal or face value of a bond, share of stock, or coupon as indicated on a certificate or instrument.

Legal Capital

The minimum amount of equity that a company must maintain to protect creditors, as required by law.

Declaration Date

The date on which a company announces its next dividend payment, specifying the dividend amount, ex-dividend date, and payment date.