Credit card companies quote the APR on the outstanding balance. APR means Annual Percentage Rate and is

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Question:

Credit card companies quote the APR on the outstanding balance. APR means Annual Percentage Rate and is the interest rate with annualized com-
pounding. However, credit card interest rate is compounded daily, for 365 days a year.
Suppose the balance on a credit card is $1000. What is the total balance including interest after 30 days.

Current Credit Card Interest Rates: 14.98%