A department store has offered you a credit card that charges interest at 1.65% per month compounded

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A department store has offered you a credit card that charges interest at 1.65% per month compounded monthly. What is the nominal interest (annual percentage) rate for this credit card? What is the effective annual interest rate?

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Fundamentals of Engineering Economics

ISBN: 978-0132775427

3rd edition

Authors: Chan S. Park

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Question Posted: Nov 12, 2018 10:36 AM

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A department store has offered you a credit card that charges interest at 1.65% per month compounded

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Fundamentals of Engineering Economics

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