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The effective annual rate for a credit card that carries a 9.9% annual percentage rate (compounded daily) is 10.4%.

Q: What is the effective annual rate for a credit card with a 9.9 percent annual percentage rate that is compounded daily?

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8% compounded monthly is equivalent to an annual rate of approx 152% . 8.5% compounded six monthly is equivalent to "only" 17.72% so the first is clearly larger.

Depends on the daily percentage rate.

APR stands for annual percentage rate. That being the case, it does not matter whether the interest is compounded every day or every millisecond. The effect, at the end of a year is interest equal to 2.25 percent. So, 2000 at 2.25 percent compounded, for 4 years = 2000*(1.0225)4 = 2000*1.093083 = 2186.17

It is 0.833... recurring % if the interest is simple, or compounded annually. If compounded monthly, it is approx 0.797 %

The annual equivalent rate is 15.5625%. The amount invested is irrelevant to calculation of the equivalent rate.

Related questions

It is 14.9 percent.

0.67 percent

3

6.485% (rounded)

It might just be 10%.

8% compounded monthly is equivalent to an annual rate of approx 152% . 8.5% compounded six monthly is equivalent to "only" 17.72% so the first is clearly larger.

Depends on the daily percentage rate.

APR stands for annual percentage rate. That being the case, it does not matter whether the interest is compounded every day or every millisecond. The effect, at the end of a year is interest equal to 2.25 percent. So, 2000 at 2.25 percent compounded, for 4 years = 2000*(1.0225)4 = 2000*1.093083 = 2186.17

It is 0.833... recurring % if the interest is simple, or compounded annually. If compounded monthly, it is approx 0.797 %

The annual equivalent rate is 15.5625%. The amount invested is irrelevant to calculation of the equivalent rate.

The true annual rate of charged interest is called the annual percentage yield. It is the interest charged and compounded against.

$73053.88 when compounded month your yearly rate would be 0.061678% * * * * * True, but in real life the quoted interest rate, "6 percent compounded monthly", should read "an interest rate, such that, if it were compounded monthly, would give an annual equivalent rate of 6 percent". The equivalent of 6% annual is 0.487% monthly since 1.0048712 = 1.06