Question
A credit card bill showed an APR of 16.22%. (a) What is the corresponding daily interest rate (the bank uses a 365-day year for this
A credit card bill showed an APR of 16.22%.
(a)
What is the corresponding daily interest rate (the bank uses a 365-day year for this purpose)? (Round your answer to five decimal places.)
%
(b)
What is the effective annual rate (EAR)? (Round your answer to two decimal places.)
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Healthcare Finance An Introduction To Accounting And Financial Management
Authors: Louis C. Gapenski
2nd Edition
1567931650, 978-1567931655
