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25 August, 12:36

Suppose your credit card issuer states that it charges a 17.00% nominal annual rate, but you must make monthly payments, which amounts to

monthly compounding. What is the effective annual rate?

Select the correct answer,

a. 18.19%

b. 17.99%

c. 18.39%

d. 18.79%

e. 18.59%

+3
Answers (2)
  1. 25 August, 12:57
    0
    I believe that answer is a 18.19%
  2. 25 August, 13:00
    0
    This is hard but the answer is A
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