juanita patricia morgan’s credit card company quotes her a rate of 17.9 percent. interest is billed monthly. what is the effective annual rate of interest juanita is paying?

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13-09-2022
Business

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juanita patricia morgan’s credit card company quotes her a rate of 17.9 percent. interest is billed monthly. what is the effective annual rate of interest juanita is paying?

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Tutorconsortium315 Tutorconsortium315 · Answer 1 · 2022-09-16T05:54:45-04:00

Juanita Patricia Morgan’s credit card company quotes her a rate of 17.9 percent. interest is billed monthly. The effective annual rate interest Juanita is paying is 15.96 percent.

What is effective annual rate of interest?

The percentage of interest on a loan or financial product that would apply if compound interest built up over a year without any payments would be called the effective interest rate, also known as the effective annual interest rate, annual equivalent rate, or simply effective rate.

Following is the formula and calculation:

Effective annual interest rate is calculated as follows: 1 + (nominal rate / number of compounding periods) (number of compounding periods) - 1. This would be 10.47% for investment A, which is equal to (1 + 10% / 12) 12 - 1. Likewise, the calculation for investment B would be: 10.36% = (1 + (10.1% / 2)) 2 - 1.

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