A credit card has an annual percentage rate of 12.9 percent and charges interest monthly.The effective annual rate on this account:
A) will be less than 12.9 percent.
B) can either be less than or equal to 12.9 percent.
C) is 12.9 percent.
D) can either be greater than or equal to 12.9 percent.
E) will be greater than 12.9 percent.
Correct Answer:
Verified
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