Which credit card has the best deal for the consumer

Reference no: EM133255571

Assignment:

Economics Problem: Victory Visa, Magnificent Master Card, and Amazing Express are credit card companies that charge different interest on overdue accounts. Victory Visa charges 24% compounded daily; Magnificent Master Card charges 26% compounded weekly; and Amazing Express charges 28% compounded monthly. Find the effective annual interest rate for each of the three credit cards. In addition, on the basis of effective annual interest rate, which credit card has the best deal for the consumer?

Reference no: EM133255571

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