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6. By law, credit card issuers must print their annual percentage rate (APR, or quoted interest rate) on their monthly statements. A common APR is

6. By law, credit card issuers must print their annual percentage rate (APR, or quoted interest rate) on their monthly statements.
A common APR is 18% with interest paid monthly. What is the effect interest rate on such a loan?
Quoted rate
Frequency
Effective rate

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