Your new El Supremo credit card arrangement indicates that you will owe interest on unpaid balances at
Question:
Your new El Supremo credit card arrangement indicates that you will owe interest on unpaid balances at a nominal (stated) rate of 1.2% per month. If the interest rate is compounded monthly, what is the approximate effective annual rate of interest?
a. 15.39%
b. 12.00%
c. 14.02%
d. 14.40%
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