After reading the fine print in your credit card agreement,you find that the "low" interest rate is actually an 18% APR,or 1.5% per month.What is the effective annual rate?
A) 18.47%
B) 19.56%
C) 18.82%
D) 19.41%

Name: After reading the fine print in your credit card agreement,you find that the "low" interest rate is actually an 18% APR,or 1.5% per month.What is the effective annual rate? A) 18.47% B) 19.56% C) 18.82% D) 19.41%
Brand: Quizplus
Rating: 4.8 (35 reviews)

Question

Quizplus · Accepted Answer

EAR = 1.015¹² − 1 = 0.1956, or 19.56%

After Reading the Fine Print in Your Credit Card Agreement,you