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7.) You are paying an effective annu al rate of 14.60 percent on your credit card's unpaid balances. The interest is compounded monthly. The annual

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7.) You are paying an effective annu al rate of 14.60 percent on your credit card's unpaid balances. The interest is compounded monthly. The annual percentage rate that this credit card company has to report to consumers is a. 16.15 percent b. 14.60 percent C. 13.71 percent d. 12.87 percent

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