Youve just received your first credit card and the problem is the rate. It looks pretty high
Question:
You’ve just received your first credit card and the problem is the rate. It looks pretty high to you. The quoted rate, or APR, is 21.7 percent, and when you look closer, you notice that the interest is compounded daily. What’s the EAR, or effective annual rate, on your credit card?
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Step by Step Answer:
STEP 1 Formulate a Solution Strategy To calculate the EAR we can use equation 58 as foll...View the full answer
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Related Book For 
Foundations Of Finance
ISBN: 9781292155135
9th Global Edition
Authors: Arthur J. Keown, John D. Martin, J. William Petty
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