A credit card had an APR of 25.67% all of last year and compounded interest daily. What was the credit card's effective interest rate last year? a 28.25% b 29.25% c 28.92% d 27.32%

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asked Mar 8, 2023 69.3k views

20 votes

A credit card had an APR of 25.67% all of last year and compounded interest daily. What was the credit card's effective interest rate last year?

a
28.25%
b
29.25%
c
28.92%
d
27.32%

Mathematics
college

Jacob Aloysious asked

by Jacob Aloysious

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2 Answers

5 votes

I think it is B
Hope this is right!!!

Prakash Pazhanisamy answered Mar 11, 2023

by Prakash Pazhanisamy

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9 votes

Answer:

The answer is 29.25%.

Explanation:

Fruny answered Mar 15, 2023

by Fruny

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