Robert just got a new credit card and immediately made a purchase for $2750. The card offers a 0% APR for the first 60 days and a 17.99% APR afterward, compounded daily. Robert doesn't expect to pay off the $2750 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 60 days will save him. Help Robert calculate the answer. Ignore any possible late payment fee For how many days out of the year will Robert pay interest at a 17.99% APR? What is the effective interest rate offered by Robert's credit card? Round your answer to two decimal places. How much will Robert pay in interest on the $2750 purchase over the course of the year? 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. How much would Robert have paid in interest on the $2750 purchase over the course of the year with the effective interest rate from Part IV? How much money in interest will the 0% APR for the first 60 days save Robert?
QUESTION POSTED AT 29/05/2020 - 01:07 AM