a credit card had a APR of 33.01% all of last year and compounded interest daily. what was the credit cards effective interest r
ate last year?
2 answers:
Answer:
39.09
Step-by-step explanation:
APEX
Answer:
Effective annual rate = (1 + r / m )^m - 1
r = Annual nominal rate of interest
m = Number of compounding periods in a year
Effective annual rate =(1 + 33.01% / 365 )^365 - 1 = 39.09%
Step-by-step explanation:
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