A credit card had an APR of 17.84% all of last year and compounded interest daily. What was the credit card's effective interest

Question

icang [17]

2 years ago

12

A credit card had an APR of 17.84% all of last year and compounded interest daily. What was the credit card's effective interest

rate last year? A.19.37% B.17.84% C.11.95% D.19.53%

Mathematics

2 answers:

Andreas93 [3] · Answer 1 · 2022-03-18T15:55:04+03:00

The solution to the problem is as follows:

<span>((1+.1784/365)^365) - 1 =.1953=19.53%
</span>
Therefore, best and most correct answer among the choices provided by your question is the fourth choice or letter D. 19.53%

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grin007 [14] · Answer 2 · 2022-03-18T18:09:59+03:00

grin007 [14]2 years ago

3 0

Answer:

19.53%

Step-by-step explanation:

Apex