Question
You have recently seen a credit card advertisement that states that the annual percentage rate is 5.5 percent. If the credit card requires monthly payments,
You have recently seen a credit card advertisement that states that the annual percentage rate is 5.5 percent. If the credit card requires monthly payments, what is the effective annual rate of interest on the loan? (Round answer to 2 decimal places, e.g., 12.25.)
| Effective annual rate |
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Financial Times Handbook Of Corporate Finance A Business Companion To Financial Markets Decisions And Techniques
Authors: Glen Arnold
2nd Edition
0273726560, 978-0273726562
