Question
A credit card company charges you an interest rate of 1.41% monthly (i.e., 1.41% per month on the card's outstanding balance). This rate is not
A credit card company charges you an interest rate of 1.41% monthly (i.e., 1.41% per month on the card's outstanding balance). This rate is not a per annum rate (i.e., not an APR) but a rate per month. The effective annual rate is?
(Enter your answer as a percentage rounding to 100th of a percent, e.g., 12.34)
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Public Finance and Public Policy
Authors: Jonathan Gruber
4th edition
1429278455, 978-1429278454
