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19-05-2021
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A credit card had an Apr of 12.87% all of last year and compounded interest daily. What was the credit card's effective interest rate last year?

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ewomazinoade ewomazinoade

19-05-2021

Answer:

13.73%

Explanation:

Effective annual rate = (1 + APR / m ) ^m - 1

M = number of compounding = 365

[tex](1 + \frac{0.1287}{365} )^{365} - 1[/tex]

[tex](1.000353)^{365} - 1[/tex] = 0.1373 = 13.73%

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