Ask Question
10 April, 00:04

A credit card had an APR of 18.78% all of last year and compounded interest daily. What was the credit card's effective interest rate last year?

+2
Answers (1)
  1. 10 April, 00:27
    0
    Effective interest rate

    R = (1+0.1878:360) ^ (360)) - 1) * 100

    R=20.65%
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A credit card had an APR of 18.78% all of last year and compounded interest daily. What was the credit card's effective interest rate last ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers