Can anyone helps me to solve this? I'm at the last chance. Show works please! Thanks.
Cards will work on Monthly Compounding basis.
Effective Interest Rate = (1 + (APR/12))^12 - 1
Effective Interest Rate = (1 + (16.3%/12))^12 - 1
Effective Interest Rate = (1.01358)^12 - 1
Effective Interest Rate = 1.1757 - 1
Effective Interest Rate = 17.57%
Can anyone helps me to solve this? I'm at the last chance. Show works please! Thanks....
I will be appreciated if I get help with those chapter review questions thanks Bobby is trying to decide between two credit cards. One has no annual fee and an interest rate of 18 percent, and the other has an annual fee of $40 and an interest rate of 8.9 percent. (a) If Bobby pays his credit card balance in full each month, which card should he choose? O He should select the card without the annual fee. O He...
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