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What is the actual rate of interest are paying

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Reference no: EM133005963

Problem 1: Your credit card company quotes you an APR of 18.9 percent. Interest is billed monthly. What is the actual rate of interest you are paying?

Select one:

a. 20.63 percent

b. 19.67 percent

c. 20.87 percent

d. 19.48 percent

Problem 2: If the bank is currently quoting 7%, compounded twice a year. What is the effective annual interest rate?

Select one:

a. 8.22%

b. 7.22%

c. 7.23%

d. 8.27%

e. 7.12%

Reference no: EM133005963

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