Question

Interest rates and interest charges annual percentage rate (apr) for purchases 8.99%, 10.99%, or 12.99% introductory apr for one year, based on your creditworthiness after that, your apr will be 14.99% this apr will vary with the market based on the prime rate. jonathan is applying for a new credit card. his credit rating is average. which apr should he expect after the introductory period? Jonathan is applying for a new credit card. After the introductory period, what APR should he expect based on his average credit rating?

a) 14.99%

b) 8.99%

c) 10.99%

d) 12.99%

Answer 1

Jonathan with an average credit rating should expect an APR of 14.99% after the introductory period on his new credit card, in line with the typical rates for credit borrowing.Thus the correct option is A.

Step-by-step explanation:

The question concerns the anticipated Annual Percentage Rate (APR) for credit card purchases that Jonathan should expect after an introductory period, given an average credit rating. After the initial period offering an introductory APR based on his creditworthiness, the stipulated APR will be 14.99%, which will vary with the market based on the prime rate. Given the information provided and Jonathan's average credit rating, the APR he should anticipate after the introductory period would be 14.99%, which aligns with the standard practice of credit card companies offering varying interest rates based on creditworthiness, with average rates for borrowing typically around 15% per annum.