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Suppose your credit card issuer states that it charges a 24.00% nominal annual rate

Suppose your credit card issuer states that it charges a 24.00% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate? a. 21.19% b. 26.29% c. 26.82% Od. 29.51% e. 31.12%

Jan 31 2020 View more View Less

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