Bestbank's visa credit card discloses an a.p.r. of "prime rate + 5.74% to prime rate + 22.74%." if the prime rate increases from 3.25% to 4.25%, what impact would this have on a.p.rs for cardholders? a. no change since credit card a.p.rs don't change as long as your account is open b. increase in a.p.r by 1% c. decrease in a.p.r. by 1% d. increase in a.p.r. by 22.74%

The prime rate is the base rate for any financial transaction. The prime rate is considered for each type of lending instruments by the bank. bank add a margin % over the prime rate and offer loan/instrument at the increased rate.

In the given case, the BestBank's Visa credit card discloses an A.P.R. of "Prime Rate + 5.74% to Prime Rate + 22.74%, which means the A.P.R is calculated on the basis of Prime rate and any change in prime rate will directly affect the A.P.R.

The Prime Rate has increased from 3.25% to 4.25%, it means the increase of 1%. Hence the A.P.R. Shall also increase by 1%.

Hence the correct answer is:

b. Increase in A.P.R by 1%

Historians generally recognize three motives for European exploration and colonization in the New World: God, gold, and glory.

Explanation:

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