Answered: Your monthly statement from your bank…

Your monthly statement from your bank credit card shows that the monthly rate of interest is 1.5%. What is the annual effective rate of interest you are being charged on your credit card?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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Question

i need the answer quickly

Your monthly statement from your bank credit
card shows that the monthly rate of interest is
1.5%. What is the annual effective rate of
interest you are being charged on your
credit
card?
a. 18.00%
b. 18.64%
C. 19.56%
d. 29.74%

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