You looked at the back of your Mastercard statement which indicated you were being charged 1.72% monthly. At what annual percentage rate (APR) were you being charged?

Group of answer choices

1.72%

16.17%

20.64%

4.43%

If a bank charges you 4.5% compounded quarterly, what is the effective annual rate (EAR)?

Group of answer choices

4.58%

4.43%

3.93%

9.05%

3.11%