Question

A credit card had an APR of 23.51% all of last year and compounded interest daily. What was the credit card's effective interest rate(EIR) last year? Show your work.

Answer 1

{[1 + (.2351 / 365)]^365} - 1

Answer 2

A credit card had an APR of 14.86% all of last year, and compounded interest daily. What was the credit cards effective interest rate last year