Convert the following credit card rate to the APR. Nebraska, 0.02192% daily rate. (Round your answer to the nearest whole number.)
To convert the daily rate to APR, we need to multiply the daily rate by the number of days in a year. In this case, the daily rate is 0.02192%.
Step 1: Calculate the APR.
APR = Daily Rate x Number of Days in a Year
In Nebraska, there are typically 365 days in a year.
APR = 0.02192% x 365
Step 2: Convert the daily rate to the APR.
APR = 0.02192 x 365
APR = 8.0018
Step 3: Round your answer to the nearest whole number.
Rounding 8.0018 to the nearest whole number yields 8.
Therefore, the credit card rate, 0.02192% daily rate in Nebraska, is approximately 8% APR.
To convert the daily credit card rate to APR (Annual Percentage Rate), we need to multiply the daily rate by the number of days in a year.
Step 1: Convert the daily rate to a decimal by dividing it by 100.
0.02192% = 0.02192/100 = 0.0002192
Step 2: Determine the number of days in a year. Generally, there are 365 days in a year.
Step 3: Multiply the daily rate (in decimal form) by the number of days in a year.
0.0002192 * 365 = 0.080008
Step 4: Multiply the result by 100 to get the APR as a percentage.
0.080008 * 100 = 8
Therefore, the APR for the given credit card rate (0.02192% daily rate) is approximately 8%.