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Youve just received an offer from a bank for a credit card with a quoted rate, or APR, of 18 percent compounded monthly. The EAR,

Youve just received an offer from a bank for a credit card with a quoted rate, or APR, of 18 percent compounded monthly.

The EAR, or effective annual rate, on the credit card is

Select one:

a. 1.19

b. 1.09

c. 0.195

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