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American Express and other credit card issuers must by law print the Annual Percentage Rate...

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Finance

American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 15.75%, with interest paid monthly, what is the card's EFF%?
Select the correct answer.
a. 13.54%
b. 15.24%
c. 18.64%
d. 16.94%
e. 20.34%

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