Determine the annual effective interest rate

Reference no: EM13191091

You have just applied for a credit card with the following term and condition: You are to pay 13.9% APR, compounded monthly.

a) Determine your monthly interest rate and the annual effective interest rate.
b) If your current balance is $3000 and you skip payments for 2 months, what would be the total balance in your credit card statement 2 months from now?

Reference no: EM13191091

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