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Master Card and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated

Master Card and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 20.00%, with interest paid monthly, what is the card's EFF%?

a. 18.58%

b. 19.56%

c. 20.54%

d. 21.94%

e. 22.65%

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