You decided to go and apply for a credit card at your localfinancial institution. The Prime rate currently announced was4.8%. You have an excellent credit history and FICO score.You were offered 18.99% interest rate for a rewards card. How is each interest rate,which you and other borrowers receive from a lender or creditcompany, determined or calculated by the creditors orinstitution?

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You decided to go and apply for a credit card at your localfinancial institution. The Prime rate currently announced was4.8%. You have an excellent credit history and FICO score.You were offered 18.99% interest rate for a rewards card. How is each interest rate,which you and other borrowers receive from a lender or creditcompany, determined or calculated by the creditors orinstitution?

Related Book For  answer-question

Fundamentals of Cost Accounting

3rd Edition

Authors: William Lanen, Shannon Anderson, Michael Maher

ISBN: 978-0077398194