Assume that you just received your credit card statement and the APR (Annual Percentage Rate) listed on

Question:

Assume that you just received your credit card statement and the APR (Annual Percentage Rate) listed on your statement is 21.7%. When you look closer, it states that the interest is compounded daily. What is the EAR (or the Effective Annual Rate) on your credit card?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Personal Finance

ISBN: 978-1337099752

13th edition

Authors: E. Thomas Garman, Raymond E. Forgue

Question Posted: