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Bank ABC is offering a credit card that charges a nominal annual interest rate of 22.30%, compounded monthly, on overdue accounts. What is the effective

Bank ABC is offering a credit card that charges a nominal annual interest rate of 22.30%, compounded monthly, on overdue accounts. What is the effective rate of interest on Bank ABCs card? A. 22.30% B. 23.35% C. 24.25% D. 24.73% E. None of the above

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