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7. Suppose your credit card issuer states that it charges a 20.25% nominal annual rate, but you must make monthly payments, which amounts to monthly
7. Suppose your credit card issuer states that it charges a 20.25% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate?
Group of answer choices
17.35%
26.02%
22.24%
26.91%
19.57%
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