By law, credit card issuers must print their annual percentage rate on their monthly statements. A common
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By law, credit card issuers must print their annual percentage rate on their monthly statements. A common APR is 18% with interest paid monthly. What is the EFF% on such a loan? [EFF% = (1 + 0.18/12)12 − 1 = 0.1956 = 19.56%]
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Fundamentals Of Financial Management Concise Edition
ISBN: 9781285065137
8th Edition
Authors: Eugene F. Brigham, Joel F. Houston
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