A department store has its own credit card facilities, for which it charges interest at a rate

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A department store has its own credit card facilities, for which it charges interest at a rate of 2% each month. Explain briefly why this is not the same as an annual rate of 24%. What is the annual percentage rate?

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Mathematics for Economics and Business

ISBN: 978-1292191669

9th edition

Authors: Ian Jacques

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Question Posted: Apr 18, 2019 09:18 AM

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A department store has its own credit card facilities, for which it charges interest at a rate

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Mathematics for Economics and Business

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