Your credit card quotes annual rate of 22%. What is the effective annual rate on...
80.2K
Verified Solution
Link Copied!
Question
Finance
Your credit card quotes annual rate of 22%. What is the effective annual rate on your credit card if you make monthly payments? b.By law, financial institutions are required to report the simple rate (no effects of compounding included). This rate is called Annual Percentage Rate (or APR). Suppose that you have a mortgage on your house and you calculate that with monthly payments, your effective annual rate is 7%. What APR should your bank quote?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.