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16 August, 15:14

A credit card had an APR of 18.78% all of last year and compounded interest daily. What was the credit card's effective interest rate last year?

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  1. 16 August, 15:21
    0
    Effective interest rate

    R = (1+0.1878:360) ^ (360)) - 1) * 100

    R=20.65%
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