A credit card had an APR of 14.86% all of last year, and compounded interest daily. What was the credit card's effective interest rate last year? A. 15.92% B. 16.02% C. 15.41% D. 15.71%

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asked Mar 5, 2021 41.4k views

1 vote

A credit card had an APR of 14.86% all of last year, and compounded interest

daily. What was the credit card's effective interest rate last year?

A. 15.92%
B. 16.02%
C. 15.41%
D. 15.71%

Mathematics
middle-school

Verloren asked

by Verloren

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2 Answers

5 votes

Answer:

16.02

just want the points.

Mehdi Asgari answered Mar 7, 2021

by Mehdi Asgari

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4 votes

Answer:

16.02%

Explanation:

(1+(0.1486/365))^365

DGarvanski answered Mar 9, 2021

by DGarvanski

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