Question
After reading the fine print in your credit card agreement, you find that the low interest rate is actually an 17.05% APR, or 1.4208%
After reading the fine print in your credit card agreement, you find that the "low" interest rate is actually an 17.05% APR, or 1.4208% per month. What is the effective annual rate?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To calculate the effective annual rate EAR from the monthly ...
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Law Business And Society
Authors: Tony McAdams, Kiren Dosanjh Zucker, Kristofer Neslund, Kari Smoker
13th Edition
1260247791, 978-1260247794
