1. What is the effective interest rate charged by Visa if the nominal rate is 23.49% and it is compounded daily. Don't use symbols and put your answer as a number with 2 decimal places - i.e. if your answer is 17.55%, enter 17.55 in the space provided, don't put .1755. Assume 365 days in a year.
2. For a credit card with a balance of $10,500 and an interest rate of 17.99% (monthly compounding, charged on the outstanding balance each month), how much total interest will you pay over the repayment period if your payment each month is $227.50?