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A credit card company charges its customers for monthly outstanding credit card balance at an APR of 24%. What is the effective annual rate (EAR)?
A credit card company charges its customers for monthly outstanding credit card balance at an APR of 24%. What is the effective annual rate (EAR)?
| 24% | ||
| 26.82% | ||
| 25.82% | ||
| 24.82% |
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Introduction To Finance Markets Investments And Financial Management
Authors: Ronald W. Melicher, Edgar A. Norton
14th Edition
0470561076, 9780470561072
