Seudónimo Seudónimo

07-02-2017
Mathematics

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Suppose you have a credit card with an 18.99% APR compounding monthly. What is your effective interest rate?

18.99%
20.73%
22.04%
25%

Respuesta :

wolf1728 wolf1728

07-02-2017

Monthly rate = 18.99%
Effective Annual Rate = (1 + (.1899/12))^12
Effective Annual Rate = 1.2073321404
Effective Annual Rate = 20.73321404%

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