You have just received credit card applications from two banks, A and B. The interest terms on
Question:
You have just received credit card applications from two banks, A and B. The interest terms on your unpaid balance are stated as follows:
1. Bank A: 18% compounded quarterly.
2. Bank B: 17.5% compounded daily.
Which of the following statements is incorrect?
(a) The effective annual interest rate for Bank A is 19.25%.
(b) The nominal annual interest rate for Bank B is 17.5%.
(c) Bank B’s term is a better deal because you will pay less interest on your unpaid balance.
(d) Bank A’s term is a better deal because you will pay less interest on your unpaid balance.
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