Question: Case 4: Suppose, you could borrow using either a credit card that charges 1% per month or a bank loan with a 12% quoted nominal

Case 4: Suppose, you could borrow using either a credit card that charges 1% per month or a bank loan with a 12% quoted nominal interest rate that is compounded quarterly. What is the periodic rate for borrowing from the bank?

Question 11 options:

	1%
	3%
	12%
	0.01%

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