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nominal daily interest rate? Samson, a newly graduated student, just moved to a new city to start his first job. In order to assist him
nominal daily interest rate?
Samson, a newly graduated student, just moved to a new city to start his first job. In order to assist him with moving expenses, he applied for a credit card. According to its terms, for any payment he makes within a month from the date of purchase, he will be charged no interest; however, if he does not pay off the full balance, interest will be charged daily on the remaining balance effective from the date of purchase. Every month he must make a minimum payment. On May 01, Samson spent $1750 of his $2000 credit card limit buying furniture for his new apartment. He didn't make any other purchases in the month of May. On June 01, Samson made the minimum payment of $45 that was charged on her credit card. After his payment, interest took effect, and her new balance was $1758.77. What is the nominal interest rate of his credit card compounded daily? Round your answer to two decimal placesStep by Step Solution
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