How much interest will you accrue on $$10,000$ of unpaid credit card debt over two years?

What is the effective annual interest rate $($EAIR$)$ over those same two years?

$($Assume monthly compounding of interest, no payments made during the two years, and no non$-$payment penalties$)$

MONTHLY COMPOUNDING OF CREDIT CARD BALANCES

APR quoted on your credit card: $21\%$

Effective Annual Interest Rate $($EAIR$)$:

Month "Balance

at beginning of month" "Interest for

month" "Balance at

end of

month"

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

$9$

$10$

$11$

$12$

$13$

$14$

$15$

$16$

$17$

$18$

$19$

$20$

$21$

$22$

$23$

$24$

Total Interest Accrued: $0\mathrm{.}00$