A credit card has a stated rate of 17.3%. What is the APR if interest is...

Question

Question

A credit card has a stated rate of 17.3%. What is the APR if interest is compounded daily?

17.3%

18.9%

18.5%

18.7%

business accounting

Answer 1

Answer #1

Solution Since compounding is done on daily basis r=Daily Rate of interest =17-3%/365 n=No of times compounding is required=1

Answer 2

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