A credit card bill shows a daily interest rate of 0.062%. What is the APR?
A) 21.18%
B) 22.63%
C) 27.18%
D) a different value

Name: A credit card bill shows a daily interest rate of 0.062%. What is the APR? A) 21.18% B) 22.63% C) 27.18% D) a different value
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Question

Quizplus · Accepted Answer

To convert a daily interest rate to an APR, we need to multiply it by 365 (number of days in a year).

APR = 0.062% * 365 = 22.63%

Therefore, the answer is choice B.

A Credit Card Bill Shows a Daily Interest Rate of 0.062