Answer :
First, let's clearly understand the information given in the problem.
Betty Buyer has a short-term note with an interest rate of 16% per year. We need to calculate the Annual Percentage Rate (APR) and round it to the nearest tenth.
Here's the step-by-step procedure:
1. Identify the given annual interest rate: The problem states that the interest rate is 16% per year.
2. Calculate the APR: As the interest rate is given per year, the Annual Percentage Rate (APR) is the same as the given interest rate, which is 16%.
3. Round the APR to the nearest tenth: The value 16 is already a whole number, and when rounded to the nearest tenth, it remains 16.0%
Therefore, the APR to the nearest tenth is 16.0%.
So, the correct answer is
[tex]\[ \boxed{16.0} \% \][/tex]
Betty Buyer has a short-term note with an interest rate of 16% per year. We need to calculate the Annual Percentage Rate (APR) and round it to the nearest tenth.
Here's the step-by-step procedure:
1. Identify the given annual interest rate: The problem states that the interest rate is 16% per year.
2. Calculate the APR: As the interest rate is given per year, the Annual Percentage Rate (APR) is the same as the given interest rate, which is 16%.
3. Round the APR to the nearest tenth: The value 16 is already a whole number, and when rounded to the nearest tenth, it remains 16.0%
Therefore, the APR to the nearest tenth is 16.0%.
So, the correct answer is
[tex]\[ \boxed{16.0} \% \][/tex]
