You are offered a credit card with an APR of 27.00% based on monthly compounding. What is the annual effective rate? If you had a balance of $1,000 on that card and were permitted to make no payments for a year, how much would be owed for that year? Do not round intermediate calculations. a. 30.60%; $1,306 b. 27.00%; $270 c. 27.00%; $1,270 d. 30.60%; $306