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American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated

American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 16.00%, with interest paid monthly, what is the card's EFF%?

Select the correct answer.

a. 17.23%
b. 14.23%
c. 15.23%
d. 16.23%
e. 19.23

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