A typical credit card may quote an APR of 18 percent. On closer inspection, you will find
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A typical credit card may quote an APR of 18 percent. On closer inspection, you will find that the rate is actually 1.5 percent per month. What annual interest rate are you really paying on such a credit card?
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With 12 periods in a year an APR of 18 percent is converted to an EAR as follows ...View the full answer
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Fundamentals Of Investments Valuation And Management
ISBN: 9781266824012
10th Edition
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