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You recently received a letter from Cut-to-the-Chase National Bank that offers you a new credit card that has no annual fee. It states that the

You recently received a letter from Cut-to-the-Chase National Bank that offers you a new credit card that has no annual fee. It states that the annual percentage rate (APR) is 18% on outstanding balances. If the card is billed monthly with monthly compounding, what is the effective annual rate? (round to two decimals) 6.00% 17.23% None of the available choices 18.00% 19.56% 1.50%

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