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4. Credit card issuers must by law print the annual interest rate they charged borrowers. If the annual interest rate is stated to be 15%,

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4. Credit card issuers must by law print the annual interest rate they charged borrowers. If the annual interest rate is stated to be 15%, with interest paid monthly, what is the actual annual cost that the bank charges its customers on the card? * m (5 Points) 15.00% O 16.07% 15.85% 16.25%

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