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Credit card issuers must by law print their Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 12%, with

Credit card issuers must by law print their Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 12%, with interest paid monthly, what is the EAR (Effective Annual Rate) on the card? Select one: a. 17.10% b. 16.08% c. 15.59% d. 12.68% e. 16.71%

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