# math

posted by sarah

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.

1. Scott

{[1 + (.2351 / 365)]^365} - 1

## Similar Questions

1. ### com155

Having a credit card could get someone into much trouble if it is not used responsibly. I personally have nightmares when it concerns credit cards. I do not like paying interest on something when it is not necessary. I learned how …
2. ### grammar

i am having a hard time figuring out the adverbs and adjectives in my paragraph, can anyone help me with this?
3. ### Math

Interest is a concept familiar to most people: every credit card in existence has a term called annual percentage rate (APR), which is an interest rate. Suppose you charged \$1,000 to a credit card that has a minimum payment each month …
4. ### Finance

As a college student, you probably receive many credit card offers in the mail. Consider these two offers. The first card charges a 17 percent APR. An examination of the footnotes reveals that this card compounds monthly. The second …
5. ### Math

Interest is a concept familiar to most people: every credit card in existence has a term called annual percentage rate (APR), which is an interest rate. Suppose you charged \$1,000 to a credit card that has a minimum payment each month …
6. ### Intermediate Algebra

Suppose you have a credit card debt of \$6000. Last month, the bank charged you \$85 interest on the deb. The solution to the equation is 85=6000/12 r represents the annual interest rate on the credit card. Find the annual interest rate …
7. ### Math

Interest is a concept familiar to most people: every credit card in existence has a term called annual percentage rate (APR), which is an interest rate. Suppose you charged \$1,000 to a credit card that has a minimum payment each month …
8. ### Algebra

Susan charges twice as much money on credit card with a 7.5% annual interest rate as she does on a card with 6% interest. If her total interest after 1 year is \$840, how much did she charge on each card?
9. ### english

Choose the sentence that would make the best topic sentence in a paragraph on credit cards. A. The interest rate can jump to nearly 60 percent per year. B. Students should watch out for unexpected fees when they get a credit card. …
10. ### Math

1. You have two credit cards.   Credit card 1 has a balance of \$7,512.33 with an APR of 21.25% and limit of \$10,000.   Credit card 2 has a balance of \$623.34 with an APR of 24.15% and limit of \$7,500. In your own words, which credit …

More Similar Questions