A credit card company charges you an interest rate of 1.25% monthly. The annual percentage rate is ____ and the effective annual rate is _______.
A) 15.00%; 15.00%
B) 15.00%; 14.55%
C) 14.55%; 15.00%
D) 15.00%; 16.08%
E) 16.08%; 15.00%
Correct Answer:
Verified
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