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If your credit cards APR is 12% compounded monthly, what is the effective annual interest rate that you are paying? a. 12% 12 month =

If your credit cards APR is 12% compounded monthly, what is the effective annual interest rate that you are paying?

a. 12% 12 month = 1%

b. 12%

c. 12% x 12 month = 144%

d. (1+12%12) 12 -1 = 12.68%

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