What is the EAR (effective annual rate) of a credit card that has a stated rate...
What is the EAR (effective annual rate) of a credit card that has a stated rate of 14.9%? The credit card compounds interest monthly. Record your answer as a decimal, so if the answer is 16.32% record the answer as 0.1632.
Homework Answers
EAR=[(1+APR/m)^m]-1
where m=compounding periods
=[(1+0.149/12)^12]-1
which is equal to
=0.1596(Approx).
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