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(Calculating the effective annual rate) You've just received an offer from a bank for a credit card with a quoted rate, or APR, of
(Calculating the effective annual rate) You've just received an offer from a bank for a credit card with a quoted rate, or APR, of 18 percent compounded monthly. What's the EAR, or effective annual rate, on the credit card? What's the EAR, or effective annual rate, on the credit card?
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
12th edition
978-0324597714, 324597711, 324597703, 978-8131518571, 8131518574, 978-0324597707
