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Calculate the apy

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You and your housemate are offered credit cards by mail. She assumes that the 8% APR on the offer means 8% if monthly payments are made. You, instead, calculate the APY (or Effective Annual Rate) in order to measure the true interest expense you'll incur. What do you find is the APY and why is it different from the APR?

Reference no: EM133254126

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