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Anonymous Anonymous
  • 06-02-2017
  • Mathematics
Answered

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%

Verified Answer :

wolf1728
wolf1728 wolf1728
  • 06-02-2017

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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