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3 years ago

13

A credit card had an Apr of 12.87% all of last year and compounded interest daily. What was the credit card's effective interest

rate last year?

1 answer:

alisha [4.7K]3 years ago

7 0

Answer:

13.73%

Explanation:

Effective annual rate = (1 + APR / m ) ^m - 1

M = number of compounding = 365

$(1 + \frac{0.1287}{365} )^{365} - 1$

$(1.000353)^{365} - 1$ = 0.1373 = 13.73%

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