# math

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. 0
2. 15
1. {[1 + (.2351 / 365)]^365} - 1

1. 0
posted by Scott

## Similar Questions

1. ### 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
2. ### finance

You have found three investment choices for a one year deposit: 10% APR compounded monthly, 10% APR compounded annually, and 9% APR compounded daily. Compute the EAR for each investment choice. Assume that there are 365 days in
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
4. ### 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
5. ### consumer math

You owe \$1,350.00 on a credit card with a 14.25% APR. You pay \$300.00 at the beginning of the month. How much interest do you save by paying at the beginning of the month versus at the end of the month? second part: Imagine you
6. ### 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
7. ### Algbra

Marsha must have surgery and she does not have the \$2,700 cash necessary for the operation. Talking to an administrator at the hospital, she finds that it will accept MasterCard, VISA, and Discover credit cards. All of these
8. ### finance

You have credit card debt of \$25,000 that has an APR (monthly compounding) of 15%. Each month you pay minimum monthly payment only. You are required to pay only the outstanding interest. You have received an offer in the mail for
9. ### math

While she was travelling, Zaina took advantage of the convenience of cash withdrawals on her credit card since her Canadian debit card wasn’t accepted in the country she was in. According to her travel budget she withdrew \$200
10. ### MATH

While she was travelling, Zaina took advantage of the convenience of cash withdrawals on her credit card since her Canadian debit card wasn’t accepted in the country she was in. According to her travel budget she withdrew \$200

More Similar Questions