Bank A Terms Annual fee $25 Free Finance charge 1.65% monthly interest rate 20% annual percentage rate Bank B (a) Compute the effective annual interest rate for each card. (b) Which bank's credit card should Jennifer choose?

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A: Compound interest is interest on principal + interest on accumulated interests.

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Q: answer the questions

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Q: Using the daily balance method of calculating interest, how much interest will you owe on a $500…

A: Given,  Credit card balance = $500 interest  = 20% = 20/100 = 0.2 time = 3 weeks  = 21/365

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.