OT - calculating credit-card interest/APR

[Derek Atkins]

I think it depends on the card, but I do believe that interest is
compounded daily, but it's only _applied_ monthly.

-derek

Perry Smith <pedz at easesoftware.net> writes:

> I disagree that credit cards compound interest daily.  They have a
> daily rate but that is not the same.  You do not pay interest today
> that was charged to you as interest yesterday (which is daily
> compounding).

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
       warlord at MIT.EDU                        PGP key available