Multiple Choice
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) 24.12%
B) 19.21%
C) 21.34%
D) 19.85%
E) 19.42%
Correct Answer:
Verified
Correct Answer:
Verified
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