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What is the annual effective rate of interest

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Reference no: EM133032165

Question - Your monthly statement from your bank credit card shows that the monthly rate of interest is 1.85%. What is the annual effective rate of interest you are being charged on your credit card?

a. 12.22%

b. 22.20%

c. 1.87%

d. 24.60%

Reference no: EM133032165

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