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John's credit card charges 18% interest compounding monthly. Which of the following is true? Select one: a. The periodic rate is 1.5% and the effective

John's credit card charges 18% interest compounding monthly. Which of the following is true? Select one:
a. The periodic rate is 1.5% and the effective interest rate is 19.56%
b. The periodic rate is 1.5% and the effective interest rate is 18.00% .
c. The periodic rate is 18% and the effective interest rate is 19.56%
d. The periodic rate is 12% and the effective interest rate is 18%
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John's credit card charges 18% interest compounding monthly. Which of the following is true? Select one: a. The periodic rate is 1.5% and the effective interest rate is 19.56% b. The periodic rate is 1.5% and the effective interest rate is 18.00% c. The periodic rate is 18% and the effective interest rate is 19.56% d. The periodic rate is 12% and the effective interest rate is 18%

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