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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%
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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%

User Aditi
by
7.8k points

1 Answer

4 votes
C. It’s APR because it’s less then it’s effective interest rate.
User George Osterweil
by
8.7k points
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