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You just opened up a credit card account that gives you $10,000 credit limit. Your APR is 20.99% and interest is compounded daily. If you chose to keep the balance of $8000 for an entire year (no payments are required for the first 12 months), how much interest have you accrued by that time? Please round up your answer to integer and type your answer as a positive number.

Hint: You need to find out what your EAR is and use that to calculate the interest accrued.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92856387

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