Your credit card company charges you 1.40 percent per month. What is the EAR on your credit card?
EAR=[(1+APR/m)^m]-1
where m=compounding periods
=[(1+0.014)^12]-1
which is equal to
=18.16%(Approx).
Your credit card company charges you 1.40 percent per month. What is the EAR on your...
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