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What was the effective annual interest rate for each card

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Reference no: EM132997888

Suppose you carry a balance of $1,000 on one credit card (CARD 1) that has a rate of 9% APR and another (CARD 2) with a rate of 15%. Assume you make no payments.

Problem 1: What was the effective annual interest rate for each card? (note: effective annual interest is the percent increase in the balance over one year) Round your percent to two decimal places.

Reference no: EM132997888

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