A credit card had an APR of 15.83% all of last year and compounded interest daily. What was the credit card's effective interest rate last year? A. 19.53% B. 19.37% C. 11.95% D. 17.84%

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asked Oct 7, 2023 153k views

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A credit card had an APR of 15.83% all of last year and compounded interest

daily. What was the credit card's effective interest rate last year?
A. 19.53%
B. 19.37%
C. 11.95%
D. 17.84%

Mathematics
high-school

Aditi asked

by Aditi

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1 Answer

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C. It’s APR because it’s less then it’s effective interest rate.

George Osterweil answered Oct 12, 2023

by George Osterweil

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