A credit card issuer offers an APR of 19.94% and compounds interest monthly. Find the effective interest rate and explain which the card issuer is mostly likely to advertise, its APR or its effective interest rate?
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Home » Mathematics » A credit card issuer offers an APR of 19.94% and compounds interest monthly. Find the effective interest rate and explain which the card issuer is mostly likely to advertise, its APR or its effective interest rate?