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( a ) What is the nominal annual interest rate that they pay? ( b ) Research the effective annual interest rates charged on a

(

)

What is the nominal annual interest rate that they pay?

(

)

Research the effective annual interest rates charged on a credit

card that you or a friend has. How does the rate change if there is a

late or skipped payment? What drives these rates? Are the rates

ethical? Why or why not?

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