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What is the effective annual rate of interest on the loan

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Reference no: EM132826898

Problem 1: You have recently seen a credit card advertisement that states that the annual percentage rate is 5.8 percent. If the credit card requires monthly payments, what is the effective annual rate of interest on the loan? (Round answer to 2 decimal places, e.g., 12.25.)

Reference no: EM132826898

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