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COST OF CONSUMER CREDIT. A credit card company charges its customers annual interest of 18% on the outstanding monthly balance. Calculate the effective annual interest

COST OF CONSUMER CREDIT. A credit card company charges its customers annual interest of 18% on the outstanding monthly balance. Calculate the effective annual interest rate. 1) 18.00% O2) 19.56% 3) 19.02% 4) 23.14% 5) 37.24%

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