Question
During college you got a bunch of credit cards with bad rates. You are deciding which Credit cards to keep and which to discard. You
During college you got a bunch of credit cards with bad rates. You are deciding which Credit cards to keep and which to discard. You never want to pay more than 11.1 % effective rate per year. The card company offers two variations. Solve for the two options and tell me which card you would keep out of these two?
2a. What would be the APR (Nominal rate per year) if the card compounds every week?
2b. What would be the APR (Nominal rate per year) if the card compounds daily?
Use a card with a 11.1% rate per year for each scenario, maxed out credit card limit $5000. Need formulas or Excel steps please
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Finance Applications And Theory
Authors: Marcia Millon Cornett, John R. Nofsinger, Troy Adair
3rd International Edition
1259252221, 9781259252228
