2 years ago

If you have a credit card with 15.99% APR that compounds monthly, what is the effective interest

Business

1 answer:

RideAnS [48]2 years ago

7 0

Answer: 17.22%

Explanation:

Effective interest rate is calculated by the formula:

= (1 + APR / Number of compounding periods) ^ Number of compounding periods - 1

Number of compounding periods = 12 months in the year

= (1 + 0.1599/12)¹² - 1

= 0.172155

= 17.22%

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