Convert the following credit card rate to the APR. Nebraska, 0.03562% daily rate. (Round your answer to the nearest whole number.)
1 %
APR = 0.03562%/day + 365days/yr =
Correction:
0.03562%/day * 365days/yr =
To convert the daily rate to the Annual Percentage Rate (APR), follow these steps:
Step 1: Multiply the daily rate by the number of days in a year (365).
0.03562% * 365 = 12.9853%
Step 2: Round the result to the nearest whole number.
Rounding 12.9853% to the nearest whole number, we get 13%.
Therefore, the APR for the given credit card rate in Nebraska, with a daily rate of 0.03562%, is approximately 13%.
To convert the daily rate to the APR (Annual Percentage Rate), you need to follow these steps:
Step 1: Determine the number of days in a year.
- In this case, we will assume 365 days in a year.
Step 2: Calculate the annual interest rate.
- Multiply the daily rate by the number of days in a year.
- 0.03562% * 365 = 12.9923%
Step 3: Round the annual interest rate to the nearest whole number.
- Rounding 12.9923% to the nearest whole number gives us 13%.
Therefore, the credit card rate of 0.03562% daily is approximately equivalent to 13% APR.