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Cheatem Credit Card, Inc. quotes you a offer with an APR of 21.3%. However, Cheatem compounds interest and bills monthly. What is the EAR, or

Cheatem Credit Card, Inc. quotes you a offer with an APR of 21.3%. However, Cheatem compounds interest and bills monthly. What is the EAR, or the true interest rate you are paying?

a)21.90%

b)24.24%

c)23.99%

d)23.51%

e)19.21%

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