Using end of month balances and part of monthly payments

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A jewellery store manager wants to offer credit to her customers. Interest charges will be determined using end of month balances and part of monthly payments. A bank will lend the manager at 6 percent compounded monthly. To offset overhead, the manager will charge an EAR that is 2 percent more than the bank is charging. What APR should the manger charge the customers?

Reference no: EM13877769

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