Question
Compounding interest extends stated rates (e.g. APRs) on consumer lending and investments. What is the effective rate on a credit card with a nominal rate
Compounding interest extends stated rates (e.g. APRs) on consumer lending and investments. What is the effective rate on a credit card with a nominal rate of 15.99%? (Assume daily compounding.):
A)15.99%
B)16.21%
C)16.88%
D)17.34%
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The Evolution Of Finance
Authors: Barbara Guth
1st Edition
1633377261, 978-1633377264
