You have been approved for a credit card which charges interest at a rate of...
80.2K
Verified Solution
Link Copied!
Question
Accounting
You have been approved for a credit card which charges interest at a rate of 19.99%, In order to pay the least amount of interest on an outstanding balance which compounding frequency should you choose? Note: for this question 1 year =12 months, 1 year =52 weeks, 1 year =365 days (including leap years) bi-weekly = every two weeks; semi-monthly = two times (twice) per month semi-monthly monthly daily You have been approved for a credit card which charges interest at a rate of 19.99%. In order to pay the least amount of interest on an outstanding balance which compounding frequency should you choose? Note: for this question 1 year =12 months, 1 year =52 weeks, 1 year =365 days (including leap years) bi-weekly = every two weeks; semi-monthly = two times (twice) per month semi-monthly monthly daily
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
