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Your Credit Card Statement Indicates a Finance Charge of 20

Question 10

Multiple Choice

Your credit card statement indicates a finance charge of 20.00 % per month on the outstanding balance. What is the effective rate of interest (APY) to the nearest hundredth?


A) 20.00 %
B) 21.94 %
C) 21.67 %
D) 240.00 %
E) 1.67 %

Correct Answer:

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