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Question
American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 18.00%, with interest paid monthly, what is the card's EFF%?a. 18.58%
b. 19.56%
c. 20.54%
d. 21.57%
e. 22.65%
Answer
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