Business, 21.12.2020 22:50 dontcareanyonemo
Oliver just got a new credit card and immediately made a purchase for $2500. The card offers a 0% APR for the first 90 days and a 17.99% APR afterward, compounded daily. Oliver doesn’t expect to pay off the $2500 balance on the card for one year, nor does he expect to make any more purchases during the year. He wants to know how much money in interest the 0% APR for the first 90 days will save him. Help Oliver calculate the answer. Ignore any possible late fees.
1. how many days out of the year will oliver pay interest at a 17.99% APR
2. what is the effective interest rate offered by oliver’s credit card. round your answer to two decimal places
3. how much will oliver pay in interest on the $2500 purchase over the course of the year?
4. what would the effective interest rate have been if the APR had been 17.99%, compounded daily, for the whole year? round your answer to two decimal places.
5. how much would oliver have paid in interest on the $2500 purchase over the course of the year with the effective interest rate from question 4?
please helppp :-((
Answers: 2
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Oliver just got a new credit card and immediately made a purchase for $2500. The card offers a 0% AP...
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