A department store has offered you a credit card that charges interest at 1.15% per month, compounded

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A department store has offered you a credit card that charges interest at 1.15% per month, compounded monthly. What is the nominal interest (annual percentage) rate for this credit card? What is the effective annual interest rate?

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Contemporary Engineering Economics

ISBN: 978-0136118480

5th edition

Authors: Chan S. Park

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Question Posted: Apr 21, 2016 06:35 AM

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A department store has offered you a credit card that charges interest at 1.15% per month, compounded

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Contemporary Engineering Economics

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