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#3: a) Your credit card account charges 18% per year. However, you are required to make monthly payments on the account. What is the Effective

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#3: a) Your credit card account charges 18% per year. However, you are required to make monthly payments on the account. What is the Effective Annual Rate (EAR) of taking on credit card debt? b) The EAR of a savings account is given as 12.68%. This account compounds monthly. What is the Annual Percentage Rate (APR) of this account

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