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You check your credit card balance, and notice that the interest rate is quoted as 20.6% APR. You also know that interest is compounded monthly.
You check your credit card balance, and notice that the interest rate is quoted as 20.6% APR. You also know that interest is compounded monthly. What is the Effective Annual Rate on your credit card?
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To calculate the Effective Annual Rate EAR on your credit card you can use the formula for compoun...
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Personal Finance
Authors: Jeff Madura, Hardeep Singh Gill
4th Canadian edition
134724712, 134724713, 9780134779782 , 978-0134724713
