Multiple Choice
As a college student, you probably receive many credit card offers in the mail. Consider these two offers. The first card charges a 17 percent APR. An examination of the footnotes reveals that this card compounds monthly. The second credit card charges 16.25 percent APR and compounds weekly. What is the effective annual rate of the cheaper card?
A) 17.00 percent
B) 17.62 percent
C) 16.25 percent
D) 18.39 percent
Correct Answer:
Verified
Correct Answer:
Verified
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