What is the effective annual rate for an APR of 17.00 percent compounded monthly?
Effective annual rate = (1+APR/n)^n - 1
n = number of compounds
=>
EAR = (1+0.17/12)^12 - 1
= 18.39%
What is the effective annual rate for an APR of 17.00 percent compounded monthly?
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