Business, 20.02.2020 02:19 tati7149

Suppose your credit card issuer states that it charges a 19.50% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate? a. 21.34% b. 24.12% c. 19.42% d. 19.85%

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Suppose your credit card issuer states that it charges a 19.50% nominal annual rate, but you must ma...