Hi Mr.Tjersland! It's Colin Logatto. I'm on vacation and the video isn't comming up on my iPad. I'm confused with the lesson. I don't understand how you got 0.016 from 19%. Please reply.
Hi Colin, The 19% is the APR (Annual Percentage Rate) which mean the interest for the year. We need to divide that by 12 to find the interest for the month. 19/12 is about 1.6% which we convert to 0.016 when we use it in the problem. I hope this helps.
2 comments:
Hi Mr.Tjersland! It's Colin Logatto. I'm on vacation and the video isn't comming up on my iPad. I'm confused with the lesson. I don't understand how you got 0.016 from 19%. Please reply.
Hi Colin,
The 19% is the APR (Annual Percentage Rate) which mean the interest for the year. We need to divide that by 12 to find the interest for the month. 19/12 is about 1.6% which we convert to 0.016 when we use it in the problem. I hope this helps.
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