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American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statementsFinance

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b. 22.84%

EFF = [1 + (APR / m)]m – 1

EFF = [1 + (0.2075 / 12)]12 – 1

EFF = 0.2284 or 22.84%

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