11.02 percent is the effective annual rate can a bank earn on an APR of 10.5 percent, compounded month.
What does APR mean?
You are charged an interest rate for borrowing money when using a credit card. The annual percentage rate is a common way to indicate the interest charges on credit cards. The yearly percentage rate is a word used to describe this (APR). Generally, interest on purchases can be avoided if you use your card every month and pay off the entire balance by the due date.
What is a good APR rate?
A credit card's good APR is 14 percent or less. That compares well to the rates paid by credit cards for persons with good credit, which often have the lowest regular APRs. It also is comparable to the average credit card APR. A great APR for a credit card, though, is zero percent.
Learn more about APR rate: https://brainly.com/question/14184570
#SPJ4
