Answer to Question #142269 in Financial Math for Kornelia Wilk

Question #142269

Your bank is offering you an APR of 17.6%. What is the monthly percentage rate you will pay if you don’t pay the credit card in full? Round to 2 decimal places.

Expert's answer

"EAR = [1 + (APR \/ m) ^ m] - 1=[(1+(\\frac{0.176}{12})^{12}]-1=19.09"

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