Your credit card charges an APR of 14.47 percent and compounds interest on a daily basis using

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Your credit card charges an APR of 14.47 percent and compounds interest on a daily basis using a 360 day year. What is the daily rate that will be stated on the credit card agreement?

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Intermediate Financial Management

ISBN: 978-1285850030

12th edition

Authors: Eugene F. Brigham, Phillip R. Daves

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Posted Date: Apr 26, 2023 07:05 AM

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Your credit card charges an APR of 14.47 percent and compounds interest on a daily basis using

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To calculate the daily interest rate we need to div... View the full answer

Intermediate Financial Management

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