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Suppose you have a credit card with an 18.99% APR compounding monthly. What is your effective interest rate? 18.99% 20.73% 22.04% 25%

Suppose you have a credit card with an 18.99% APR compounding monthly. What is your effective interest rate? 18.99% 20.73% 22.04% 25%
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Suppose you have a credit card with an 18.99% APR compounding monthly. What is your effective interest rate?

18.99%
20.73%
22.04%
25%

asked
User Tpetzoldt
by
7.8k points

1 Answer

4 votes
Monthly rate = 18.99%
Effective Annual Rate = (1 + (.1899/12))^12
Effective Annual Rate = 1.2073321404
Effective Annual Rate = 20.73321404%

answered
User Vlad The Impala
by
7.9k points
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