1 your credit card bill states that your apr is 18 you are, Ask an Expert

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1. Your credit card bill states that your APR is 18%. You are paying monthly at a rate of 1.5% on your balances, so interest is compounding monthly. What is the effective annual interest rate? (Set your calculator to 4 decimals).

2. If your monthly statement from your bank credit card shows that the monthly rate of interest is 1.2%, the annual effective rate of interest you are being charged on your credit card is.

3. You will have [16497.27] in an account at the end of 5 years if you deposit $200 at the beginning of each month and the account is paying a nominal 12 percent per year, compounded monthly.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92822010

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