Jeannette has an offer from a credit card issuer for a 0% apr for the first 60 days and a 27.32% apr afterwards, compounded daily. what effective interest rate is jeannette being offered?
a. 27.32%
b. 25.63%
c. 31.01%
d. 31.40%

R = 25.63%

so correct option is B. 25.63%

Step-by-step explanation:

given data

APR first 60 days = 0%

APR afterwards = 27.32% = 0.2732

to find out

effective interest rate

solution

we know equation of rate is

R =     .......................1

here R is the apr and we know 0 for the first 60 days and 0.2319 for remaining (365 -60 ) =  305 days

so put here value we get

R =  +

R = 0 +  

R = 0.256342

effective interest rate = 25.63%

so correct option is B. 25.63%

B.

Step-by-step explanation:

25.63%

two? xd

step-by-step explanation:

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