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nika2105 [10]
3 years ago
9

A credit card company advertises an APR of 15.3%, compounded daily. What

Business
1 answer:
Art [367]3 years ago
7 0

Answer:

B. 16.53%

Explanation:

The effective interest rate is the real interest rate charged by a bank or any other type of lender on a loan.

the formula to calculate effective interest rate = r = (1 + i/n)ⁿ - 1

  • i =15.3%
  • n = 365 days

r = [1 + (15.3%/365)³⁶⁵] -1 = 1.00419178³⁶⁵ - 1 = 1.165287621 - 1 = 0.165287621 ≈ 16.53%

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