If you have a credit card that specifies interest as being calculated at a rate of 0.05% daily, compounded daily, with monthly payments, what is the APR for the credit card?
APR is short for Annual Percentage rate, which is the interest you're charged over a 12- month period.
APR is calculated by the following formula
APR/365=DPR (Daily Periodic Rate)
APR/365=0.05
APR=365*0.05
APR=18.25%
If you have a credit card that specifies interest as being calculated at a rate of...