You decided to go and apply for a credit card at your local financial institution. The...

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Finance

You decided to go and apply for a credit card at your localfinancial institution. The Prime rate currently announced was 4.8%.You have an excellent credit history and FICO score. You wereoffered 18.99% interest rate for a rewards card. How iseach interest rate, which you and other borrowers receivefrom a lender or credit company, determined or calculated by thecreditors or institution?

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You decided to go and apply for a credit card at your localfinancial institution. The Prime rate currently announced was 4.8%.You have an excellent credit history and FICO score. You wereoffered 18.99% interest rate for a rewards card. How iseach interest rate, which you and other borrowers receivefrom a lender or credit company, determined or calculated by thecreditors or institution?

You decided to go and apply for a credit card at your local financial institution. The...

60.1K

Verified Solution

Question

Finance

Answer & Explanation Solved by verified expert

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