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If your credit card calculates interest based on 17.85% APR, compounded monthly (a) What are your monthly interest rate and annual effective interest rate? (b)

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If your credit card calculates interest based on 17.85% APR, compounded monthly (a) What are your monthly interest rate and annual effective interest rate? (b) If your current outstanding balance is $2,500 and you skip payments for two months, what would be the total balance two months from now? (a) Your monthly interest rate is % (Round to two decimal places.)

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