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YoursTruly:

A credit card had an APR of 23.51% all of last year and compounded interest daily. What was the credit card's effective interest rate(EIR) last year? Show your work

YoursTruly:

@Ultrilliam

ThisGirlPretty:

@Vocaloid

YoursTruly:

Vocaloid has me blocked tho

ThisGirlPretty:

@563blackghost

563blackghost:

Sorry I don't know this one. :(

Ultrilliam:

@sillybilly123

AngeI:

An annual percentage rate (APR) is the annual rate charged for borrowing or earned through an investment, and is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan.

AngeI:

1 attachment
AngeI:

this is the formula for effective interest rate, I dont know if that helps

AngeI:

@Angle do you understand this question?

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