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Your credit card company quotes you a rate of 14.9%. Interest is billed monthly. What is the actual rate of interest you are paying? (Note:

Your credit card company quotes you a rate of 14.9%. Interest is billed monthly. What is the actual rate of interest you are paying? (Note: Two steps: 1. calculate the FV first; 2. With the given FV and PV, make N= 1 (for 1 year), computer for I/Y, which is your actual (or effective) rate.

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