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Your credit card quotes annual rate of 22%. What is the effective annual rate on...

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Finance

Your credit card quotes annual rate of 22%. What is the effective annual rate on your credit card if you make monthly payments? b.By law, financial institutions are required to report the simple rate (no effects of compounding included). This rate is called Annual Percentage Rate (or APR). Suppose that you have a mortgage on your house and you calculate that with monthly payments, your effective annual rate is 7%. What APR should your bank quote?

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