Question

You charge 2500 to a credit card. Use the compound interest formula to find the new amount you owe on your credit card after 6 months 20% APR compounded daily (assuming you don’t make any payments)

Answer 1

Answer: Well This is what  24% APR on a credit card is?

If you have a credit card with a 24% APR, that's the rate you're charged over 12 months, which comes out to 2% per month. Since months vary in length, credit cards break down APR even further into a daily periodic rate (DPR). It's the APR divided by 365, which would be 0.065% per day for a card with 24% APR.

Step-by-step explanation: