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Verified Answer :

Aliwohaish12

R=(1+i/m)^m)-1=(1+0.16÷12)^(12))-1)*100=17.23%

Answer:

The APR is approximately 17.23 %.

Step-by-step explanation:

Since, the APR is,

\(r=(1+\frac{i}{n})^n-1\)

Where, i is the nominal rate,

n is the number of periods,

Since, For a credit card, n = 12,

Here, i = 16 % = 0.16,

Thus, the APR would be,

\(r=(1+\frac{0.16}{12})^{12}-1\)

\(=0.172270798259\)

\(=17.2270798259\%\)

\(\approx 17.23\%\)