6. Effective Annual Rates (LO2, CFA1) A credit card company states an annual percentage rate (APR) of

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6. Effective Annual Rates (LO2, CFA1) A credit card company states an annual percentage rate

(APR) of 12 percent, which is actually a rate of 1 percent per month. What is the EAR?

a. 12 percent

b. 12.68 percent

c. 13.08 percent

d. 13.76 percent

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