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A credit card company advertises an APR of 15.3%, compounded daily. What
is the effective interest rate? Round your answer to two decimal places.
O A. 15.76%
O B. 16.53%
O c. 15,50%
O D. 16.47%
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Respuesta :

jepessoa

Answer:

B. 16.53%

Explanation:

The effective interest rate is the real interest rate charged by a bank or any other type of lender on a loan.

the formula to calculate effective interest rate = r = (1 + i/n)ⁿ - 1

  • i =15.3%
  • n = 365 days

r = [1 + (15.3%/365)³⁶⁵] -1 = 1.00419178³⁶⁵ - 1 = 1.165287621 - 1 = 0.165287621 ≈ 16.53%

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