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Principle of Finance Suppose your credit card issuer states that it charges a 15% nominal annual rate, but you must make monthly payments, which amount

Principle of Finance

Suppose your credit card issuer states that it charges a 15% nominal annual rate, but you must make monthly payments, which amount to monthly compounding. What is the effective annual rate (EFF\%)? 16.08% 16.16% 15.87% 15.56%

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