Suppose your credit card issuer states that it charges a 24 00 nominal annual rate, but you must make monthly payments, which amounts to monthly compounding What is the effective annual rate a 26 29 b 21 19 c 31 12 d 26 82 e 29 51 Suppose your credit card issuer states that it charges a 24 00 nominal annual rate, but you must make monthly payments, which amounts to monthly compounding What is the effective annual rate a 26 29 b 21 19 c 31,12 d 26 82 e 29 51

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Suppose your credit card issuer states that it charges a 24.00% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding.

Suppose your credit card issuer states that it charges a 24.00% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate? a. 26.29% b. 21.19% c. 31.12% d. 26.82% e. 29.51%

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