You get a new credit card from your bank. The document that comes with the card informs you that the interest rate on that card is 22.8% APR. What is the effective annual rate you'll actually be paying? The credit card company uses monthly compounding of interest.

Enter your answer as a percentage, rounded to 2 decimals, and without the percentage sign ('%'). For example, if your answer is 0.23456, then enter 23.46

Answer rating: 100% (QA)

First we need to find the monthly interest rate by dividing the ... View the full answer