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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
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YoursTruly:
@Ultrilliam
ThisGirlPretty:
@Vocaloid
YoursTruly:
Vocaloid has me blocked tho
ThisGirlPretty:
@563blackghost
563blackghost:
Sorry I don't know this one. :(
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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:
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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