Question
Suppose your credit card issuer states that it charges a 19.50% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding.
Suppose your credit card issuer states that it charges a 19.50% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate?
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Cases in Finance
Authors: Jim DeMello
3rd edition
1259330476, 1259330478, 9781259352652 , 978-1259330476
